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PBS
Dec 21, 2012 6:30pm PST
fiscal cliff deal. and he says it's doable. tonight's market monitor guest is not scared off by cliff worries. he's buying stocks, saying the markets will do well in the new year. he's richard steinberg of steinberg global asset management. and warren buffett, the oracle of omaha has plenty to say on taxes and the fiscal cliff: we talk with his long-time friend and "fortune" magazine journalist carol loomis. that and more tonight on "n.b.r." some straight talk from president obama tonight about the fiscal cliff. speaking to reporters from the white house he said he's ready and willing to get a comprehensive package done, but it's up to republicans and democrats to make it happen. >> nobody gets 100% of what they want. everybody has to give a little. >> susie: the president also proposed a smaller package that prevents taxes for 98% of americans from going up and for unemployment insurance to be extended. he pressed lawmakers to agree on this in the next ten days. darren gersh has details. >> reporter: one day after the collapse of efforts to avoid the fiscal cliff, all sides wer
WETA
Dec 28, 2012 6:30pm EST
. fiscal cliff talks at the white house end with no deal, but president obama says he's still hopeful and says "we've got to get this done." gold prices pulled back today on worries about the fiscal cliff, will the metal shine in 2013? then cuba, tonight's "market monitor" sees big opportunity on the tiny island when the embargo's lifted. thomas herzfeld, of thomas herzfled advisors joins us. that and more tonight on "n.b.r."! president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors st hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled 158 points, the nasdaq lost 25, and the s&p fell over 15 points. here's darren gersh with more on the critical work that has to get done in washington this weekend. >> reporter: the
ABC
Dec 30, 2012 7:00am EST
>>> hi, everybody. happy new year. welcome to the ""wall street journal" report. the fiscal cliff, the taed line and what it means. we'll look ahead, we'll look back, our all-star panel on the big news that hasn't happened yet if preview of the big stories and trends for 2013. and then we will hit the highlight reel. my interviews with the most important, influential and interesting people of the past year. the journal report begins right now. >> this is america's number one financial news program, the "wall street journal" report. now, maria bartiromo. >> all that ahead, but first, here's fill griffith with the look at the stories making headlines this week. >> thanks, maria. here's what's making news as we are heading into a new week and new year on wall street. congress is working the weekend, attempting to avert some part of that $6 billion in automatic tax increases and the spending cuts that are set to kick in on januar1st. that fiscal cliff and its potential impact on our economy brought lawmakers from both uses to washington for last-minute negotiations. concerns about the clif
FOX Business
Dec 28, 2012 3:00pm EST
>> it is time to roll up the sleeves and get down to business on the fiscal cliff. democrats and republicans have made the trip to the white house. i'm ashley webster,. it is the last hour of trading, and count down to the closing bell starts now. we have breaking news from washington. rich edson at the white house where president obama is about to meet with key members of congress, and, rich, there's talk of a scaled down deal put forth by the president. what have you heard? >> it that is the discussion. you have harry reid, mitch mcconnell arriving at the white house, should have house leadership shortly to begin a meeting, a last ditch effort to try to help the economy avoid the fiscal cliff, or at least pieces of it, and, yes, the buzz around washington is a possible path forward that aids describe as preventing tax increase for income amounts of $400,000 or $500,000 or so, extend unemployment insurance, but, still, nothing has been agreed to. all in washington are waiting to see how this meeting goes. it's just about to start here in dc. meanwhile, on capital hill, the fight
CNBC
Dec 26, 2012 5:00am EST
numbers for you. >>> the u.s. is set to go over the fiscal cliff in five days. that means taxes will go up for nearly every american. dramatic spending cuts will kick in. president obama and congress will be back from vacation tomorrow. but will anything get done? >>> plus, wild winter weather sweeping through the country. we'll bring you the latest details on which part of the u.s. could be hit next. cnbc's "worldwide exchange" starts now. >>> and welcome to a special edition of reside worldwide. ross andcle reoff today for boxes day in -- kelly are off today for boxing day. for now, you is us. >> we'll start with a brief check on the markets. energy and metals are trading higher now, wtis up about 55 cents. brent crude up 65 cents. also want to check in on the gold price, as well. gold right now down about slightly under the flat line there, 1,-658. well below the 1,700 mark. the cme globex has been closed for christmas. it's going to reopen at 6:00 a.m. eastern time. that goes for treasuries and the foreign exchange market, as well. >> as for action in the overseas markets, t
PBS
Dec 26, 2012 4:30pm PST
congressional leaders cut their vacations short, to deal with fiscal cliff negotiations. they have five days to make a deal. and housing continues to be the bright spot in the u.s. economy: home prices post their biggest advance in two years. that and more tonight on "n.b.r."! christmas may be over, but the holiday shopping season continues. many consumers hit the malls today to return gifts and buy what they really wanted. and this is the time many gift cards get redeemed. but for retailers, holiday sales so far have been a flop. sales in the two months leading up to christmas, rose just 0.7%, according to mastercard advisors that tracks the numbers. that's way below what the retail industry was predicting. erika miller spoke with retail expert dana telsey and began by asking what happened. >> i think there were a confluence of events, extra long season. hurricane sandy. tragedy in ct. >> none of the events out there were feel good factor events. it was all for consumer morale. >> when you look at the weakness this holiday season, how much of the blame do you put on retailers for not having in
PBS
Dec 21, 2012 7:00pm PST
the fiscal cliff. speaking to reporters from the white house he said he's ready and willing to get a comprehensive package done, but it's up to republicans and democrats to make it happen. >> nobody gets 100% of what they want. everybody has to give a little. >> susie: the president also proposed a smaller package that prevents taxes for 98% of americans from going up and for unemployment insurance to be extended. he pressed lawmakers to agree on this in the next ten days. darren gersh has details. >> reporter: one day after the collapse of efforts to avoid the fiscal cliff, all sides were speaker boehner tried to shift that burden, saying democrats unemployment insurance to be extended. >> we can't cut our way to prosperity we need real economic growth. and many of us believe on both sides of the aisle that fundamental reform of our tax code will help us get our economy moving faster and put more americans back to work and more americans on the tax rolls. how we get there, god only knows. >> reporter: voters who expected congress to watch over the >> so i think the tax issue and t
PBS
Dec 29, 2012 1:00am PST
fellow republicans he hoped to have a fiscal cliff recommendation soon. >> we will be working hard to see if we can get there in next 24 hours and so i am hopeful and optimistic. >> reporter: but the sticking point remains finding something that can make it through the house with enough support from republicans. >> it seems like the 250 threshold that the president proposed previously is unlikely to pass the house in its current form, and so without some sort of additional compromise there, it seems unlikely that we're going to get something done before the end of the year. >> susie: you know thanks for that report. i am just wondering from all of the reporting you have done, do you think we are better off with a bad deal than no deal at all? >> you know susie when peopletal they are talking about a bad deal in political terms. frankly it's republicans that are most worried about the bad deal they have most leverage. the president has the most leverage. they are worried about a bad deal. any deal that gets us past the fiscal cliff is going to be seen as a good deal. >> susie: it seems
CNBC
Dec 26, 2012 3:00pm EST
fiscal cliff and wall street, like everybody else, is waiting for some kind of a solution here, and as you can see by today's numbers the waiting game continues, although we thank brian sullivan and you, mandy, for bringing us back to positive territory in the last hour. >> i'm not sure we can take credit but we'll take it. >> the dow is up a fraction at the moment. 13,139 after a meandering much of the day. the nasdaq hardest hit today. technology has been very volatile recently. still down a fraction right now. 13 points, fraction percentage-wise and the s&p is down 3.33 at 1423. five days left until the fiscal cliff deadline, and though the market has been very resilient to this point, what happens if we go over the cliff and if lawmakers cannot get it together come january 1st? will it be a big meltdown for wall street? that's what everybody wants to know. >> certainly hope know. in today's "closing bell" exchange, former chief economist of the vice president joe biden, oliver perch from gary goldberg and matt cheslock and rick santelli, thank you very much. jarred, you wrote an ar
PBS
Dec 27, 2012 1:00am PST
of it are just factors beyond their control like the economy and the fiscal cliff? >> i think overall it was more probably 70 to 80% factors beyond the retailer's control. i think retailers had creative merchandise but i think the news didn't lead to a feel good factor. >> in any economy, good or bad, you always have some winners. who did really well this year? >> well, it looks like in terms of who did well so far, companies like american eagle outfitters limited, michael cors, macy's' tj and i would say costco was also a winner. >> on the flip side were there retailers that you had high hopes for going into the season but just didn't deliver in the end. >> certainly we will see some becoming more promotion al, some of the children's retailers, whether it was impacted by weather or there was competitive price and they did a good job at it, the children's retailers seemed to have a tougher season this year. >> now is the time of year when we shift into gift card sales. what most people don't realize is those sales get counted until the cards are redeemed. is that enough to sav
CNBC
Dec 26, 2012 4:00pm EST
there's a little bit better tone away from the fiscal cliff. that's where it is right now. >> what about this concept. skeptical, the idea that we're underowned in the stock market and anything -- any resolution could mean stocks. >> a lot of cash on the sidelines that will be put to work if you get a little bit of a sign of a resolution here, bill. happy new year. >> nice tie, but i'm always saying that to you. we're going to the mid-point of the range, dow down 22 points. that's the first hour of the "closing bell." stand by now for hour number two. >> and welcome back, to the "closing bell." i'm mandy drury sitting in for maria bartiromo. it is the end of another trading day, and, no, we do not have a fix for the fiscal cliff. guess what, the numbers also reflect that. let's take a look at how a day on wall street, looks like the dow is down marginally, 24 points to the downside and the nasdaq off by the biggest percentage loss, down by 22 points and the s&p 500 is down by about seven points, and as i said it is crunch time. there are only three trading days left now for 2012 an
MSNBC
Dec 30, 2012 3:00pm PST
>>> 6:00 on the east coast. just 30 hours remain before the country goes over the fiscal cliff, and we're still waiting for a deal. good evening. i'm chris jansing. the senate is going home for tonight. democratic and republican leaders had hoped to reach an agreement by 3:00 this afternoon. >> i was really glad to hear republicans have taken their demand for social security benefit cuts off the table. the truth is, it should never have been on the table to begin with. there's still significant distance between the two sides, but negotiations continue. there's still time left to reach an agreement, and we intend to continue negotiations. i ask unanimous content that the senate proceed tomorrow morning. >> earlier, they took to the floor to explain the setback in negotiations this morning. >> i'm concerned about the lack of urgency here. i think we all know we're running out of time. this is far too much at stake for political gamesmanship. the consequences of this are too high for the american people to be engaged in a political messaging campaign. i'm interested in getting a result
PBS
Dec 27, 2012 6:30pm PST
in the program. a positive turn in the fiscal cliff crisis. house republicans agree to meet sunday night to resume talks after a day of finger-pointing and complaining in washington. on wall street, fiscal fears created whiplash for investors: a big stock market sell-off and then bounce back on word that lawmakers are springing back into action. and, if you used your smartphone to shop this christmas, you're in fashion. it was the year's top retail trend. we have that and more tonight on "n.b.r."! a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry reid predicted the economy would go over the cliff. speaking from the senate floor he said there's not enough time between now and the end of the year to reach a deal. but stocks erased their losses in the final hour of trading on news that the house of representatives will reconvene on sunday night to resume talks. by the closing bell, the dow was down only 18 points, bouncing back from a triple digit loss, the nasdaq lost four, and the s&p
FOX Business
Dec 26, 2012 4:00pm EST
stocks are down today. we're getting dangerously close going over the fiscal cliff which means taxes go up for everybody who pays taxes but what else does it mean for you -@and for the economy? the chief of staff on george w. bush council of economic advisors, she thinks we're probably going over because the white house will not stop pushing for higher tax rates, she joins us later this hour. shibani: maybe the texas will be higher in 2013, but prices at the pump will be lower. some good news and some bad news. david: but first we will tell you what drove the market in today's data download. all three major indices closing to the red for the third day in a row. nine of 1 10 s&p sectors ended lower led by consumer discretionary and materials posted gains but they were the only ones out of the nine or 10 sectors. falling compared to the previous month up one year earlier. case-shiller index rising 4.3% compared to year ago. manufacturing utility slowing down, the federal reserve bank using five points from nine in november. numbers above zero indicating expanding activities but there is a
ABC
Dec 28, 2012 5:30pm EST
fiscal cliff and the last-ditch effort to stop the nation from going over. >> the president is meeting with congressional leaders just about an hour ago. any last-minute deal will likely have to wait until the senate returns. >> reporter: president obama summoned congressional leaders to the white house today hoping for a deal to avoid the fiscal cliff. the power brokers have four days before the government starts slashing military and domestic spending. president obama is pushing for a stop gap measure that with avoid faxes on people earning less than $25,000. on capitol hill frustration is growing. both republicans and democrats sound look they have given up. outside the capitol democrats hauled out a times square ball prop with the emergency, don't drop the ball. >> the republicans refuse to ask those with the most in our society to give a little bit more. >> reporter: a simple stop gap measure is not what many in washington had hoped for. republicans blame president obama for the collapse of a bigger deal that would have cut spending and reduced the country's debt. >> it is the pre
FOX Business
Dec 29, 2012 12:00am EST
. president obama and congressional leaders try to pull off a fiscal cliff hail mary. their last-ditch meeting at the white house desperately tries to land a deal but the report he hadly not putting any new offer on the table. we have the very latest for you. >>> not even the fiscal cliff can slow down the u.s. oil boom the production surge sets up huge windfalls for businesses outside the oil industry in 2013. who stand to reap the biggest gains? we'll drill down details so you can get in on this game. >>> iran launches war games in the strait of hormuz flexing its military muscle in the heart of the critical seaway for global oil supplies. is iran just sabre-rattling or gearing up for something much bigger? even when they say it's not, it is always about money. adam: and a good evening to you. melissa francis will be back after the first of the year but right now let's look at today's market headlines of the investors were largely gripped by unfolding events in washington regarding the fiscal cliff. there was little optimism on wall street. stocks fell for their fifth straight
CSPAN
Dec 29, 2012 7:00pm EST
:00 on c- span's q&a. >> coming up, and look at the so-called fiscal cliff. weekly addresses from president obama and with republican senator roy blunt. >> hi, . i have been working to come together around a plant to grow the economy and shrink our efforts -- deficit. it is a balanced plan, one that would cut spending in a responsible way and ask the wealthiest americans to pay a little more. i will keep working with anybody serious about getting a comprehensive plan like this done because it is the right thing to do for our economic growth. we are not at the point where in a couple of days, the losses at the americans' tax rates are going up. the americans paycheck will get a lot smaller. that would be the wrong thing to do for our economy. it would hurt middle-class families and it would hurt the businesses that depend on your spending. and congress can prevent it from happening, if they act now. leaders in congress are working on a way to prevent this tax hike on the middle class and i believe we may be able to reach an agreement that can pass both houses in time. but, if an ag
CBS
Dec 28, 2012 6:00pm EST
first, the latest developments on the fiscal cliff. gary nurenberg joins me with the latest as we actually just heard from president obama. >> after a long meeting the president came out to say he is still optimistic that a deal can be done reminding the country that we are only now three days away from the point where everyone's taxes go up and huge spending cuts kick in, saying that would be wrong for the economy and wrong for the country. the president said he is urging the senate leaders, reid and mcconnell to come back to him with a plan by sunday. he says if they're unable to do that, then he is demanding that his backup proposal from last week allowing tax rates to rise for those making $250,000 and extending unemployment we was for 2 million jobless americans whose benefits will run out on january 1st, he wants that proposal to go to the house and the senate, the senate first, and demands an up or down vote. >> if you can get a majority in the house and a majority in the senate, then we should be able to pass a bill. so the american people are watching what we do here. obv
FOX Business
Dec 24, 2012 9:20am EST
>> we have two mainly threats on the horizon. the fiscal cliff and tax increases for everybody if the deal is not reached this week, but potential strike, law shoreman threatening to walk off the ports in the east on gulf coast. this could disrupt billions of dollars in shipments. joining us now ed butowsky, a hell of a way to start a week with the threat after strike. to put it in context, when l.a. had a dock workers strike ten years ago, it cost a billion dollars a day. this is going to affect ports in newark, houston, miami, this could be several billion dollar hits every day to our economy? >> yeah, and i tell you, when you look at it, it's really similar. there are some parallels to the fiscal cliff discussion. because the arguments are about are the royalty payments that the dock workers get for bringing merchandise on board and unloading the cargo and what the similarity is really that we're not-- they're not talking about more business, they're talking about how do we split up the same pie and same thing with the fiscal cliff, we're not talking growing the economy, how do
FOX Business
Dec 27, 2012 3:00pm EST
talks and looks like the u.s. is heading for the so-called fiscal cliff. he compared it to the ball dropping on new year's eve dropping on times square more ominously. more from the nation's capitol. in terms of industry groups and what is not working we start with financials. they're the biggest drag. money center banks like bank of america down 1 1/4%. goldman down 1%. morgan stanley down .8 of a percent. all those stocks are under pressure. tech stocks notably weak. apple inching to the round 500 dollar level. down to 510. it was north of 700 when iphone 5 came out early september. so the bear market continues to apple. as you can see, google also down, down about five bucks on the day. ibm down slightly a .10 or two. hewlett-packard off today, down one 3/4%. coming up later we have a contrarian investors sees big opportunity for hp in 2013. he nailed down the move in bank of america this year. he said it was the stock to buy. he was right. stick around for what he has to say about hewlett-packard. interesting stuff. what an interesting day. let's look to the floor show. traders
CNBC
Dec 24, 2012 5:00am EST
week to go before the u.s. economy goes over the fiscal cliff, lawmakers are pointing fingers and playing the blame game. >> mario monti is saying he's available to lead italy. he'll run for office in the upcoming election, but only for a party willing to push his agenda. >>> but he has competition in the form of sylvia berlusconi. he tells cnbc he feels a responsibility to run. >> feel the need to return to the political arena to prevent the country from being delivered into the hands of a leftist party. >> and the crowds are out, the stores are ringing up those sales, but u.s. shoppers may be running low on holiday spirit. and analysts say that they're spending less, as well. hi, everybody. welcome. merry christmas out there. thank you for joining us here on the show. what we're looking at today, we've got slightly quiet markets ahead of the u.s. open. what we're seeing, though, that all the markets are being called lower across the board stateside. the dow is being called a bit lower, nasdaq is being called a bit lower and the s&p 500 being called down by a bybit, as well. we s
CNN
Dec 30, 2012 11:30am PST
>>> welcome back to the cnn news room, i'm martin savidge. if you're just joining us, thank you for tuning in. we're following the breaking developments on a store i that affects every single american. that's the fiscal cliff. we reach the brink in two days. let's go live now to dana bash on capitol hill. because of news of a setback. dana, what do we know? >> that's right. we got this word from democratic sources about a half an hour ago. maybe a little bit more. that they consider a major setback to be going on right now. a poison pill, something that the republicans offered last night and democrats rejected today. it's called technically chain cpi, the buzz word for it. what it means for real people and real terms, would be that social security recipients would see smaller checks on a monthly basis and that's why democrats are saying that this is a nonstarter. the president did propose this to the house speakers as part of a larger deal. he even talked about it again this morning on nbc, the president. but democrats are saying that they simply do not see this in this miner, smaller mini deal. they don't want to deal with the entitlement issue at all until a later date when they can deal with it in a broad sense. here's an example of what we heard a half hour ago from the republican leader followed by the democratic leader. >> the consequences of this are too high for the american people to be engaged. in a political messaging campaign. i'm interested in getting a result here. i was here all day yesterday. as i indicated, we submitted our latest proposal at 7:00 p.m. last night. we're willing to work with whoever, whoever can help. there's no single issue that remains an impossible sticking point. >> in the meantime i will continue to try to come up with something. but at this stage, i don't have a counteroffer to make. perhaps as the day wears on we will be able to. i will say this, that i think that the republican leader has shown absolutely good faith. it's just that we're apart on some pretty big issues. >> still apart on pretty big issues. the other thing i'm told by democratic and republican sources, martel is that the really big issue when we're talking about the fiscal cliff, which are the tax rates. republicans are saying, i'm told, that they actually want to keep all tax rates in place for those making even more than 400,000 a year. democrats and the president compared on keeping the tax rates in place for incomes of $250,000, letting everybody else's expire to help go towards deficit reduction. but democrats in the talks have been willing to come up and that's another big gulf between the two of them on this issue of tax rates. >> dana bash, thanks for the latest update from capitol hill. let's get you checked in with other storyings trending on cnn.com. the death toll from russia in a plane crash has risen to five. the plane went off a runway at a russian airport. >>> two georgia boys, will soon be headed home after being missing for several days. henry and ben were found in austin, texas. police say their father, daniel cleary failed to return them home after a holiday visit. cleary is now in police custody. and who doesn't know the oakridge boys, the group sang for former president george h.w. bush while he's recovering in hospital. we'll talk to one of the band members. >>> let's do this one for you, you'll remember this one. ♪ amazing grace >> those are the oak ridge boys singing "amazing grace." the gospel turned country crooners brightened up the xli president's day. one of the oak ridge boys joins me now from nashville, tennessee. thanks for being with me. >> martin, thanks for having me. >> quite a voice and queerly you've got healing powers, at least the song has healing powers for the president, because soon after you sang to him, he was moved from icu and i believe went into a regular hospital room. how did this connection between you and the president all get started? we have a long, very long, long friendship with the bush family. it started way back when he was vice president. and it's continued up to this present day. george and barbara are very dear friends of the oak ridge boys, he officially refers to us as his boys, we were able to work it out between barbara and the bush family and four of to us make a phone call to president bush while he was there in icu and were able to sang couple of songs for him. and able to cheer him up just a little bit. we asked him what he wanted to hear. and quickly he said, "elvira." so we sang a little of that for him and we went into one of his all-time favorites, which was "amazing grace." both of them are great songs. >> and you added "american made" another great hit for you. as you sang, did he sing along with you? could you tell what reaction you were getting? >> he has sung along with us in the past. >> it was difficult to tell over the telephone whether he was actually singing, according to barbara and his kids, he was just beaming. we got emails, to talk about how it affected him and such a positive way. it made us feel very good, that we were able to help out a little bit. >> it helped out more than just a little bit. because whether it was coincidence or not, he moved and appears to be getting better, thanks to your heartfelt singing, how does that make you feel? >> it makes us feel very well, i think a lot of people have been praying for him. so i think as a result of our prayers and well wishes and maybe just a little bit of good music from the oak ridge boys, things are heading in the right direction. >> thanks very much. it's a pleasure talking to you as always. >> well as we say, the clock ticking down on the fiscal cliff and will lawmakers on capitol hill be able to beat that clock? americans are speaking out and you know what, they are not happy. >>> and what does hillary clinton have in common with wisconsin congressman paul ryan? our new poll says it all. >>> you are looking at the center of attention for this afternoon. the senate where they are still trying to work out a deal to avoid a fiscal cliff. just watching and keeping an eye on things so we'll bring you the latest developments as they happen. when they do, we'll bring them to you. >>> deal or no deal -- that is the $64,000 question. and this is not a game show. we're talking about of course, the high-stakes politics in washington that will impact every american family. the fiscal cliff is here. and we all go over it in two days. unless the president and congress are able to come up with some kind of budget deal. so let's bring in brian monroe. the editor of cnn politics.com and he's joining us from san antonio, texas. brian, no one wants their taxes to go up. we know come tuesday, everyone who gets a paycheck will get less money in it unless a deal is reached. i know you've been talking to people and getting the pulse of the country, what are they saying to you? >> you know, martin, you're right, gallup did a recent poll taking a look at this. let's take a look. the recent poll shows that 68% of americans are saying lawmakers are should compromise in order to reach this fiscal cliff solution. only 22% think those lawmakers need to stick to their guns and not budge. either on tax increases or spending cuts. >> so we know that gridlock has been a big problem and we're seeing more, it appears on this issue. in the end could this result in who has the upper hand in public support? >> that's the game they're playing, is it the republicans to blame or the democrats? president obama has seen an increase in his numbers as they've been going through this. as you saw with dana bash, they're at a standstill, who knows what they're going to do. we asked citizens who do you think is to blame and let's take a look at those numbers. over half of americans, 54% support president obama and his handling of the fiscal cliff situations, that's compared to what, 28% of american who is approve of house speaker john boehner and the job that he's doing. you know, senate majority leader, harry reid has got an approval rating just a little bit above that, 34% for his role in the fiscal cliff negotiations. >> let's move on to other polling information. which i agree is prety long-term. locking out to 2016 now, what is the potential impact on all of this say on who could replace the current president of the united states. what are we seeing? >> well you know, that's right. the future is very fascinating. we took a look in a poll that we released today, the cnn/orc poll that looked at republicans and democrats. we asked senators from both parties, who they support. let's take a look at the parties. here's the lineup, for the democrats it's secretary of state hillary clinton. she's far and away ahead of the pack with what, 85% of those who said they would support her. she's got a 20-point lead over the next front-runners, which is vice president joe biden. new york governor andrew cuomo, the son of mario cuomo is in third with 56%. >> a lot of that i would guess is probably just simply based on name recognition at this point? >> it is. >> we can take a look at the republican field, which is a little tighter. but still early. you've got paul rhine, who has gotten a big boost in name recognition from his run as vice president in the recent election. he's at the top of the list with 75% of support. then you've got new jersey gorngs chris christie. very outgoing, has been talked about as a candidate for 2016. he's got 59% and florida senator marco rubios right behind him at 58%. >> the brian monroe. thank you very much. we appreciate it. >>> there's no deal on the fiscal cliff. that we know. and many americans are not happy about it we'll hear your take on it. meanwhile, new york city is preparing for the new year's eve celebration. anderson and kathy griffin want you to get ready for our special coverage tomorrow night. we'll hear from them both. cut take a look at what joseph siegel says. >> my new year's message to washington is to secure the blessings of liberty to ourselves and posterity. invest in our children, in our schools and in our communities. raise taxes on the rich, and eliminate corporate loopholes. and do not cut social security or medicare. thank you and happy new year. >>> now, our reporters is one way we're communicating with you, facebook, a big discussion going on my facebook page. let me show awe few quotes. the first one, let the bush tax cuts expire. go back to the clinton era tax rate and watch republicans squirm. that's what benjamin bog is saying. the next one says, we need to cut entitlements and spending. and get people off government reliance. that's candria crisp who wants what some of republicans are pushing for, saying they want more spending cuts in the legislation. i think we have time to jump in with one more. the people in congress have their form of entitlements but still end up on vacation with no work done. that's terrace hogan. one of many people complaining that congress only got back together in this respect in recent days and hasn't had this worked out a long time ago. we're going to be sharing your comments throughout the afternoon. throughout the evening. go ahead and send them and martin, we'll be back later on with more. >> congress does work for the people. maybe it's good they hear from the home office from time to time. >>> well there's only one place to spend new year's eve and that is right here with anderson cooper and kathy griffin. they've got a special preview for us. >>> restore revive rejuvenate rebuild rebuild rebuild . >>> leading our coverage from times square on new year's eve. anderson cooper and kathy griffin. the two will host as the new year is welcomed around the world. they're here to tell us what's in store for us. >> i'm here with kathy griffin, kathy, the funny thing is we're on cnn weekend right now. if they're wondering who their typical viewer is, it's you, because all you're doing during the weekend is watch cnn, right? >> i am a cnn super fan, i know the entire slate, the reporters, i'm so excited to be doing two years with candy crowley. two women, she clearly did the best debate out of any of the cnn reporters. >> she's not doing new year's with you. you're doing it me again. >> woman and blitz-griffin? >> no. i thought you were busy going to andy cohen's new year's eve party? >> no. i put aside all parties. because i want to spend it with you. >> are you going to come on the rise and do like ten minutes and then you're out? >> yes. i will fiscally be there, mentally i will be in my safe place. >> all right. just out of curiosity, this year we're on for two and a half hours. obviously you don't know what's going to happen. even more than america, don't know. what are the kind of things like mantras or phrases you use to calm yourself? >> there's no real -- there's no real mantras, i mean i, although i am looking at you from time to time i'm just not there. i'm just -- >> when you look at me, do you see kelly ripa and you feel better? >> yes, basically i'm imagining kelly ripa. >> she's more calming for you, i understand. >> do you ever look at me and see sanjay. you know he could take your blood pressure. >> no, no. and you know, i don't know that other people know that i'm not sure i've told you this. but this all started six years ago there was a typo, i actually requested kathie lee. and somehow -- >> can't book her. >> i don't know if it was they changed the name or -- we ended up with you, and it's been great. i'm not denigrating you. >> no, even kathie lee is happy. i know, look, kathie lee and hoda are happy, having box wine with my mother somewhere, so they're taken care of. what's the worst thing, what's the worst thing that you think i might do to you this year? >> you've already done pretty much the worst things i can imagine you doing. you yelled at a person in the crowd, an a obscenity. >> i thought i was protecting you. >> the following year you uttered multiple obscenities under your breath. >> i'm a little dyslexic. >> i did not hear it because of all the noise, it was only after we started getting calls from "the new york times" and others that i realized had you been saying this all along. >> is the new york times like "us weekly"? i've never heard of this thaw speak of. >> it's a paper on the east coast. >> and last year you stripped, which was a first for me. >> well maybe not the last. >> also remember, i strip to a degree. >> i didn't, i didn't go full landing strip. >> i don't know what that means. >> you will, it's the weekend show. >> it's the weekend show. >> what are you looking forward to in the new year? do you have a resolution? >> i have no resolutions, i don't believe in them. my resolution is to get other people to not have resolutions. the same thing, to just try to keep oprah and ryan seacrest off my back. i just want to live another year. i believe that now you're in ka hoots with them, i believe there's plotting going on between the three of you, you're the trifecta of terror. >> people think you're kidding but you really think oprah and ryan seacrest are trying to kill you? >> i believe ryan seacrest is so devious he's using you to get it me. i believe you're a messed-up star chamber and all i am is an innocent little dainty flower, trying to make people laugh and trying to make america better. >> yeah, how long have you been fixated on ryan seacrest? why would he be trying to kill you? >> because ryan knows that i have something he can never have. it's called talent. it's called quick-wittedness. it's called soul. >> is this going to be an awkward dinner when we eat with him the night before? >> i think he seems like a very nice guy. >> that's what they used to say about the devil. >> no one said that about the devil. >> i bring out the devil is part of the parlor conversation. >> do you know that dorothy parker is buried in a dress that my mom gave her? >> that sounds like -- heaven to me. don't act like that's nothing. we're going get to the bottom of all of your personal issues, they are many and they are varied. >> i'm practicing not talking when you're talking, it's throwing you that i'm not talking nonstop. you don't know what to do with me now. >> monday night, 10:00 p.m. two and a half hours, kathy griffin and me, thanks very much. back to you. >> just a taste of what's in store new year's eve. minutes from now, senate negotiators meet again on capitol hill trying to come up with a last-minute deal to avoid the fiscal cliff. >> it's coming down to the wire. you're watching it live right here on cnn. have a good night. here you go. you, too. i'm going to dream about that steak. i'm going to dream about that tiramisu. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a passat. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today.
CNBC
Dec 21, 2012 11:00pm EST
. my job isn't just to entertainment, it's education. call me. fiscal cliff talks. let's be optimistic. use the word stall. the president gave us a little hope tonight that an agreement to avert a middle class tax hike could still occur next week. saw the breakdown play hideously in the session today. nasdaq diving. it makes sense the market got a whacking when you consider that the speaker of the house didn't have enough votes in his own party to push through any tax increases and the president says there's got to be some. that's even for people making more than a million bucks. it was for show. the president would have vetoed the bill. tonight he's not about to let the rich get away with that. whatever that means. we have been worried that since the election the politicians won't rise above partisanship and come to an agreement. we at cnbc has taken an historic position. get a deal done for the good of the country. what faces us is worrisome. nation could see 2 million jobs loss. slashing of unemployment benefits when you are laying people out. dramatic increases in taxes
FOX News
Dec 30, 2012 3:00pm PST
of the fiscal cliff, dumping you the back into a recession. we're just learning of a major snag in negotiations on the hill. bringing lawmakers back where we were 24 hours ago and bringing us closer to higher taxes on just about every worker in america and deep spending cuts, particularly to our military. i'm hair harris faulkner. this is a special two-hour edition of the fox report. pressure is mounting as talks appeared to be making progress at one point then late today, word they hit a setback this afternoon over social security spending. senate minority leader mitch mcconnell says he never received a response to a republican offer last night and is reaching out to vice president joe biden to kickstart negotiations with the white house at this point. the senator saying fail to go solved the crisis is simply not an option. >> the consequences of this are too high for american people to be engaged in a political messaging campaign. there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness and interest or frankly the courage t
CNN
Dec 30, 2012 3:00pm PST
perched on the edge of the fiscal cliff we are keeping a close watch on events to prevent an economic disaster. >> we hope. we will spell it out what those talks mean to all of you watching. and if they fail to reach a deal what it means for you, the economy and your wallet. >> thank you, ali. no news is good news and fiscal cliff talks are at a standstill with neither side wanting to give ground at this point. >> trying to find a lining around that cloud, if there is one, and democrats and republicans are still talking. they are still trying to reach a deal to stop the spending cuts and tax hikes that are likely or possible to push our economy back into the recession if we go over the fiscal cliff. >> but ali, neither side is budging much. you have been reporting on it for the last couple of hours. friday though, president obama said that he was optimistic that the two sides could reach a deal. this morning, he sounded less positive though. >> if, you know, if people start seeing that on january 1st, this problem still has not been solved, that we haven't seen the kind of de
FOX Business
Dec 24, 2012 1:00pm EST
times. i recently got a buy rating. year to date it is a real winner up 16%, and today no difference, still higher. lori: research in motion maker, the blackberry, maybe the red area. continuing down more than 20%. ouch, nicole. nicole: research in motion has come under pressure today and the fees they charge the wireless carriers they work with. this is a big chunk of revenue for them and if they change it to a tier model, how will that bring in revenues for research in motion? that uncertainty brings it to a down arrow, but library 10, january 30. lori: listening to the cheering. nothing greater than christmas at the new york stock exchange. david: even if it is an early day. the traders are always waiting until the last minute. see how all the stocks are finishing up with trading down your session hous lows. as we settle a little bit here. the s&p off, but no industry is doing as badly as the dow jones. we will be talking to individual stocks but not a good way to end the trading. lori: it has been a tough couple of days with all of the nonsense and the fiscal cliff. we will get that in detail on this christmas eve. let's zero in on the semiconductor names among the worst performers today with the semi etf seeing a move to the downside. including intel, texas instruments and farm holdings. david: the whole energy sector, names like chevron, marathon, all posting losses today. lori: retailers themselves were not all in on the holiday spirit on this christmas eve trading day. back in eagle, staples among the biggest losers in the sector. david: those idiots inside the beltway cannot seem to get it figured out. don't expect one anytime soon. lawmakers are gone for the holiday, so does the white house even want a deal by the new year, or automatic tax hikes what they want in order to balance their spending? more on that coming up, does the president really wants to go over the fiscal cliff? lori: cannot wait to hear where we stand, the latest negotiation or any at all on the cliff. spending specifically on toys. there is not a runaway must-have toy this year, but there are some hits and a few misses as well. what will be under the trees or what will be stuck on the retail shelves. david: but first, we will tell you what drove the market today with today's "data download." continued gridlock in the beltway sending stocks lower. the shorts in the day of trading. all three major indices closing the red with the dow closing the best losses, energy and utilities led the declines while materials and consumer discretionary outperform. natural gas a big mover in the energy pits falling more than 2% despite colder weather in much of the country this week forecasters expecting mild temperatures in january and that might have hurt natural gas a little bit. the japanese yen falling to a 20 month low against the dollar. coming to the back of comments from the incoming prime minister who says he will consider changing the law governing central banks getting more politically involved. lori: we have larry in the pits of the cme. telling us why the pessimism on the fiscal cliff is making him bullish, believe it or not. and it is time to get defensive. larry, we will begin with you. how can you see this sorting out at the end of the day, a big deal, a little deal, no deal at all, what is the outcome? larry: the odds are pointing to a mini deal. expectations for a big deal are fading and fading quickly. it looks like it will be a mini deal with the tax extension will help those making under $250,000 per year and will not address the debt ceiling or spending or anything like that, it will be a patchwork of things that will make the market very nervous but given it is christmas eve, people are little bit negative but most christmas shopping. david: larry, round this time the irs issues its formal withholding guidance for the coming year. >> it'll be a bigger document than what we are used to because it will be giving guidance they are not sure even how to give guidance because they don't know what will happen. what i have been told by traders and people working in that industry is they will get guidelines assuming some sort of mini deal gets done. this is how you shall proceed. an amazing train wreck. lori: lookahead, what happens if we borrow past the debt ceiling, how at risk is our country of another ratings downgraded and what will the ramifications be? >> we're going to be running out of funding even this week. it is bad, but they have ways to patch this together with shoestring and bubblegum that can get us through february. given a warning of a downgrade won't be well taken by the market but let's keep in mind the market is pricing that in right now so maybe we're thinking that is not going to happen right now and a patchwork model may be put in place and we won't even need to worry about a warning from the other rating agencies. david: let's bring in the market town now. founder and chairman, and a senior wealth strategist with her mere wealth first allied securities. you think we're going to go over the fiscal cliff, happen to agree with you or at least i think some people actually want that to happen but you have to advise your clients may certainly if you believe we are going up the fiscal cliff, would you tell your investment clients to do? >> currently advising them to accelerate their income right now and two for deductions based on strategies that we are having in discussions with my client and their accountant. i'm also telling them to be very defensive. our baseline scenario is we head into the new year is for slow but steady growth. coupled with low inflation and reasonable and attractive valuation of equity. lori: let me get you to respond to that outlook. they'rtheir more positive becauf the cliff. >> i think everybody seems to be mesmerized by the discussion of the fiscal cliff in th and the , check stock prices were based on earnings outlooks in the economy. lori: everybody is ignoring the fundamentals right now. when we can we get back to the fundamentals and ignore politics, if ever a time in the picture? >> maybe the super bowl ads versus the fiscal cliff read lori: you make a great point, carry on. >> some point we will solve the fiscal cliff, kick the can down the road, have a grand bargain, no bargain, but it will be old news, not the current news. david: will be talking with the retail sector coming up, but we are getting a lot of mixed signals of what is happening this holiday season. what are you sensing? speak of the retail sector will perform well, just don't think it will exceed analyst or wall street expectations. i think everything that needed to be done in terms of consumer investment purchasing in the aftermath of sandy took place. on the other hand if you noticed that has not been a lot of promotions from the major retailers past the holiday weekend that kicked off. i believe retail will do reasonably well, the question is will it exceed last year's performance? lori: i know apple is one of the companies you are bullish on. where's the upside, where do you see the trajectory? >> i have three sons all in their 20s, and they are they'red to the apple ecosystem for years to come. i think apple is a play that will not be the sony people talk about. i think apple has a place in the public mind that will be tough to remove. lori: is this an entry point? >> if you back out the cash, trading eight or nine times earnings depending on who you're looking at, given the outlook and not just the u.s. consumer, but now you talk about sales in china just started, there's a lot of catalyst and the stock is cheap. david: despite your pessimism of what might happen in the economy, you're optimistic about what's happening with homebuilders. yowe think this is a real burste are seeing, one that will last? >> i agree, pointed homebuilders enjoying a nice ride and you are seeing that, it was priced into the market probably two quarters ago, but it will continue and i think that part of the economy will help out over the homebuilders themselves but investors in the market. david: continued for how long? >> my sense is throughout 2013. you can really count on this resurgence from the home building sector. lori: gary, remaining time, what is your preferred asset allocation? >> right now we are allocating model the balanced portfolio to be about 43% equities split equally between domestic and foreign. we're about 15% traditional bonds, 30% non-traditional bonds. and we're about 10% of real assets, energy, precious metals. about 2% cash. lori: great detail, thanks, gentlemen. david: thanks both of you. >> thank you for having us. >> happy holidays. lori: back at you. it is christmas eve day. not a lawmaker could be heard. days away from tax hikes for all of us. and where are lawmakers? they are away for the holidays. up next off to d.c. for the latest. david: and a look at why we may not have a deal anytime soon and who that could actually benefit. keep it right here on fox business. want to know what i did in theast five hours? i played a round of golf. then i read a book while teaching myself how to play guitar; ran ten miles while knitting myself a sweater; jumped out of a plane. finally, i became a ping pong master while recording my debut album. w you ask? with 5-hour energy. i get hours of energy now -- no crash later. wait to see the next five hours. lori: the dow closed down 50 points largely due to preparation from washington. she is a daily deal sites are falling today. let's go back to nicole at the new york stock exchange for more. nicole: we're taking a look at group on down 4% today, still under pressure after they made an acquisition. $4.63 per share, they have acquired commerce interface. the company which they have been working since the middle of 2012, april 2012 in order to streamline some of the operations. it is technology management, a way they can work with some of the thousands of existing vendors, supposedly will help them to better support the merchants overseas going forward and give them exclusivity with this particular company but this acquisition today puts them under pressure about 4% and that is why you're seeing it down about $0.19. merry christmas, everybody. david: ilog one of my groupon things to expire. it is not a total loss. lori: it is not front and center in people's priority list. david: s&p futures are closed right now. that's about to larry at the cme to see how things might work out during christmas time. what do you think, larry? larry: 1430 used to be the support coming ou, now it is the resistance. the very key support. what is important for us all to remember, forget about the fiscal cliff, what is driving the stock market and keeping us where we are right now? a lot of it is consumer discretionary spending not because of christmas but because gasoline prices have dropped 17%. take advantage of all time low rates giving us a push hold in the market up right now and a lot of people are not talking about that right now. lori: do you think that is enough to prevent the s&p futures from hitting the 1400 level support here in the next couple of weeks? many people would argue more headwinds than tailwinds right now. >larry: we are angry mules kick away from 1400. people are just perplexed, why is the market holding up like it is with all the bad stuff around us. consumer discretionary spending has helped giving us a tailwind. blowing through it in a heartbeat. lori: great to have you, merry christmas. david: teetering on the edge of the cliff. speaking of the fiscal cliff, talks on hold until after christmas and president obama and house speaker john boehner have not spoken since friday. lori: is there any hope for a deal? are you the last man there? >> a staff is here. the staff is in this but all eyes are on the senate when it returns this thursday to try and get a deal to avoid getting off a cliff the past friday before the president left for the holiday, he proposed a limited measure to avoid all of the cliff when speaker john boehner plan b. got scuttled. the president wants to extend the bush tax cuts and avoid some of the deep spending cuts. white house spokesperson says discussions continue between the administration and capitol hill. in july you may recall senate democrats passed an extension of the middle-class tax codes for the year. those folks making less than $250,000 per year at a cost of 157 billion. also passing the alternative minimum tax for $92 billion. mitch mcconnell is critical to hammering out a deal because he can filibuster any legislation, but his spokesman told me this morning nothing new to report. we don't know what senator reid plans to bring to the senate for a vote. >> truth of the matter is if we do fall off the cliff, he will come back, propose just what he proposed yesterday leaving washington, and will end up adopting at the washed up at the market in such turmoil and the lack of confidence, why don't we go ahead and act now. >> most numbers are used to spending the christmas to new year's at home, it is time to go back to the table. if anybody sees these representatives from the house in line shops are getting their christmas turkey wish them a merry christmas, civil and say go back to the table, not her own table, the table in washington. >> so there's a group of senate republicans who would vote for taxes on wealthier taxpayers now to get that done, avoid the cliff, move on and fight for spending cuts when the president asks to raise the debt ceiling in february or march. the president and speaker said it will cut their vacation short to return to washington later this week to try and work something out. we are on standby. david: thank you very much. you just heard a high-stakes game playing out in d.c. although they're off the field for the holiday, the clock is still ticking away. my next guest says maybe the white house wants that. find out why coming up. lori: the bopper returns to france? stay tuned for this dvd. and david french accent coming up next. that whopper, but of course. [ woman ] ring. ring. progresso. your soups are so awesomely delicious my husband and i can't stop eating 'em! what's...that... on your head? can curlers! tomato basil, potato with bacon... we've got a lot of empty cans. [ male announcer ] progresso. you gotta taste this soup. lori: how about a quick speed read of the other headlines, five stories, one minute, that is how it goes. u.s. immigration and customs enforcement auditing more countries than ever for illegal immigrants on the payroll. increasing from 250 in 2007, more than 3000 in 2012. projections showing movie attendance will end the year 5.6% after seeing two straight years of declines. not everybody is expected to be a winner with 3d attendance at family films posting a decline. "the hobbit" taking home 36.7 million over the weekend beating out the others. bringing in a total of $434 million in global ticket sales. according to the "wall street journal" some online retailers changed the strategy toward a consumer base on their location. because change pricing items while product offering to modify after detecting where the shopper is located. for the first time, urging a serving whoppers in france. opening a restaurant at the airport this weekend. there is your speed read for you. david: even though the fiscal cliff talks are deadlocked, some lawmakers are hopeful we will get a deal in the coming days but my next guest things we will go over the edge and it is because the white house doesn't want a deal. joining me now, president for americans for limited government. so why doesn't the administration want a deal, why do they want to go over the fiscal cliff? can you hear us? okay, we're going to have to fix bills hearing problems. he will take a quick break and come back with bill wilson right after this. stay tuned. you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio suary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >> phil wilson can't hear us now. sorry about the difficulty with your hearing device. let's talk about the president going off the fiscal cliff or not. >> i think it is crystal clear that that is the case. his response was to offer, what he called, a small proposal. extend another $30 billion, no spending cuts and let's go back to my tax plan. that is not trying to move the ball forward. that is rubbing salt in the world. i think it is crystal clear that he wants to go off the fiscal cliff. david: let's be clear about what he has done and wants to do. he increases 25% of the baseline. if we go over the fiscal cliff, he gets a lot more money. it is not just rich people paying out. he will get a lot more money, so he does want that. he will get a cut into military. if anything goes wrong, he can blame republicans for it. >> right. from his standpoint, it is a win-win across the board to go over the cliff, have the automatic sequester cuts, take the tax increases, go back to the clinton era rates and that when the economy reacts, as it most certainly will, negatively, then he will blame the republicans for putting us into a recession. david: let's put a fine point on that. what we are suggesting here, they call it an outrageous suggestion, that the president is willing to send this country into a recession to get what he wants. you are really saying that? >> i think that he is willing to gamble. i believe that the president and his advisors have looked at the history of congress and they know that when we get a major market of bed, large drop in the stock market, any other reaction from the economy, that those members of congress will immediately concede. it is the same exact process that happened with tarp back in 2008. if you really look at it, what got us to where we are now to that debt ceiling of august 2011, in that case, we had the booties downgrade. it was sufficient to have everyone embrace as a posture idea. david: at one point, speaker boehner was in a meeting with the president. boehnerrsaid what he was willing to compromise on. he said, what do i get back from you, mr. president. the president said i get that for free. in other words, i will not go she ate anything with you. i will not compromise at all. wireless speaker boehner willing to compromise? >> the president is operating under the theory of politics and power politics. it comes down to nothing more than that. david: since that is a miscalculation, should that be the means for removal of mr. boehner as speaker, will republicans call for his removal? >> i think there is a growing sentiment inside the republican caucus that the speaker is not up to the task. he will have another shot later this week. hopefully, he will step up to the location. david: if he does not, who takes his place? >> well, i think the author, it is a very difficult politics, the odds are high that majority leader cantor would assume the position. he has been an incredibly loyal soldier to speaker boehner and i think he will continue to be. there is clearly a need for a stronger, tougher negotiator and someone who is playing on the same set of rules as the president. right now, it does not appear that the speaker meets either of those criteria. david. interesting. bill nelson, thank you. [talking over each other] david: now to today's other big story. holiday shopping. forecasts call for a very busy holiday season. tracy: did shoppers live up to those expectations? >> it is a classic answer to that question. it depends on who you ask. it will still be 4% growth over last year. we will not be there until january. then you get shopper track which says through the week of december 15, sales were actually trending down. they are believing that they will have to revise their overall holiday outlook. they were expecting sales growth of 3.3%. they are predicting 2.5%. online sales, october 208 through just last saturday, wall street was expecting 15% growth. they are saying that that one snapshot is showing that online sales or only increasing 8.4- 8.4-8.5%. you take a look at the stocks, retail stocks, they are up 20%. online sales are up. when you look at the holiday sales season, it will depend on what happens after january. what you have on merging is they say it will be fine. do not panic. you have the people on shopper track saying it will not be as good as we thought. back to you. tracy: let's talk about some more holiday sales. david: we have an analyst here with us today on why he considers his worst season for toy sales in over 30 years. >> as far as we have data, this is the worst year over year change. down about three-4%. the grand scheme of things, not so bad. david: that is including recession, right? >> yes. tracy: why, what is going on? i know they made sure they brought their ipad with them so that they would be busy. >> it is a big problem for the toymakers this year. definitely. there is a lot of stuff going on. there is not a lot of excitement this year. what do we have that is hot right now? teenage mutant ninja turtles, furby, what is old is new. these toymakers can be really defensive. tracy: woody and buzz light year were really onto something in the latest "toy story" movie. david: lori, your kids are really young. lori: almost six and four. >> what happened in two years when all of these guys taking free apps are not around anymore. it is just a different way. david: what about the games industry itself? >> i do not technically cover videogames. lori: i know that disney princesses are very popular. all of the toys arrive from movie characters. that stuff is not generating strong sales? >> not really. if you think about the movies we have had over the last couple years, "ironman two," toy story," a lot of them they already have. david: my kids are too old for this. there are new disney shows. lori: i am so impressed. david: i am reading from my notes, by the way. there are some sectors that are doing well. lori: is there a toy that is out performing? >> a lot of things that are working better than others. leapfrog is right up there with the tablets. they have leap pad to. lori: you have to imagine the brain trust, the creative forces in these companies. they have to be trying to figure out how to bring back the traditional voice. >> they are about two years. things are thinking about it two years ago. what works is boring and kids just do not like boring. david: you will not see this repeated next year. david: great to see you. thank you very much. what is hot and what is not that. find out what shifts we can expect in franchises in the new year. lori: we will go live to chicago's midway airport. it could be going private as the city looks for new revenue. ♪ ♪ >> i am adam shapiro with your fox business brief. it was another down day for the markets. they continue to focus on the fiscal cliff. more americans are getting a better handle on their debt. the "wall street journal" reports u.s. households spent just over 10% in the third quarter of the year. that is the lowest level since 1983, according to the federal reserve. while the ultimate procrastinators are hitting stores today, retailers are also bracing for a busy day on wednesday. industry watchers say the lines were returning gifts will be as long, if not longer, then the lines consumers had to buy the things in the first place. that is the latest from the fox business network. giving you the power to prosper. ♪ lori: how has the franchise industry than coping with the fiscal uncertainty coming out of washington? joining us now is nick powell. welcome. >> thank you. thank you for having me. lori: i have to imagine this is probably one of the most difficult times. what do you think? >> well, it is obviously dependent on the way you look at the statistics. i think it is a great opportunity to get into the franchise market right now. yes, from tax uncertainty, it is deathly a challenging time. lori: that is a great point that you bring up. the industry, as a whole, is coming back. is that enough to offset what could be higher taxes? >> many are concerned with taxes. a high percentage of them. i would say the fear of the unknown is probably the biggest challenge. for a franchisee, there is tremendous opportunity out there. taxes or obamacare will not influence negatively those who will do a great job opening their own business. lori: because of the political climate, you do see shifts in the types of franchises that are the most profitable. child care, senior citizen care, moving companies -- why is that? >> it will absolutely be the year of that. there are lower startup costs. they are looking at businesses that will be able to make the most money. obviously, being passionate about it is critical. at the end of the day, you will make more dollars with a service brand than anything else. lori: explain that to me in more detail why the restaurant industry is taking a back seat? >> we did not say it is taking a backseat, more savvy entrepreneurs are getting into the market now. financially, you will take a lower net percentage typically been on a service brand. those that have a little less to invest in -- lori: that is fascinating. every street corner, wherever you are, there seems to be a new frozen yogurt shop popping up. >> the challenge with frozen yogurt is, you do not really need to open up a franchise to be in the business. there is no point of differentiation among them. there is a print out of chicago called forever yogurt that is testing coffee to gather as a way to expand its bottom line. those that are getting creative will probably have a place in the next couple years. other than that, it will definitely decrease. lori: mom-and-pop shops, what is the climate right now? >> it is tough. the fear of the unknown, what will happen with the fiscal cliff, what will happen with healthcare, makes those looking to invest a little bit nervous. we are still seeing significant growth over the last two years because they are taking the right approach to growing their franchise plans. lori: getting great advice from you. mr. nick powell, thank you. >> thank you for having me. david: if you need a last minute gift, how about a $1000 bike. we will tell you what makes this limited edition so unique. cities looking to make money by privatizing park and even airports. jeff flock has the story. jeff: i come to you from the giant parking garage at midway airport. it could be a multibillion dollar payday. is it a good idea or a bad idea? stay tuned. we will discuss. ♪ lori: the mayor of chicago renewing efforts to privatize the city's second largest airport. david: the proposal comes after a proposal from his predecessor. jeff flock is live at the airport. it is one of the most exciting airports in america. jeff: it is exciting because when you take off, you kind of look into the houses of various people. it is right in the center of a residential area. i am in a parking garage. this is one of the areas that they are hoping to privatize. you know, this shows off a lot of cash. they will privatize the whole airport, though. midway used to be the nation's busiest airport, believe it or not. now, just three big airlines fly out of here. southwest, frontier and delta. it still goes off a lot of cash. very attractive to private industry that would come in but they would lease the airport for a specific amount of time and give the city a certain amount of money. the problem is, when they privatize the parking meters in chicago, they have a billion and a half doll years. the problem was they took that and spent it. mayor manuel says this time he will not spend it all up. he promises. david: we know about those promises. get back on that shot, if you can. that would be a shot that alfred hitchcock would be jealous of. jeff: that is your old friend from new york. he is complimenting you, lori. they love you. david: it does show you that you are in the city part of the airport. they are virtually in the same place. jeff: exactly. i took off out of here one time and i swear we got so low that i could see what people were watching on tv in their house. it was scary. lori: do they want to just get the revenue churning as soon as possible. jeff: they have just recently expanded the airport. they would use this money to pay down some of that debt. it could be a good thing. david: if a man or keeps his promise -- jeff: he is pretty friendly. not so bad. david: jeff flock, good to see you. my compliments to lori. people in china blowing off some steam with a pillow fight. this is them just getting ready for a. we will show you what it looked like what the annual event really got going. keep it right here on fox business. ♪ people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? david: it is time to go off the desk and over to china for a huge holiday pillow fight. they blew off some steam with a pillow fight. they had the names of bosses and professors on
FOX News
Dec 30, 2012 7:00am PST
out on new year's eve. plus we are on fiscal cliff eve watch. >> these are my kids. say bye to clayton. they can't get into the studio on new year's eve. >> i will not see you kids any more on the show. >> deal or no deal. captioned by closed captioning services, inc. >>> we start this morning with a fox news alert from the nation's capital. you know, the final 48 hours ticking away to the fiscal cliff deadline. will there be a deal or will the $500 billion in spending cuts and tax hikes actually kick in? right now, negotiations going on behind closed doors. this while president obama has joined leaders in it both parties to make the case to the american people by appearing on the morning public affairs programs this morning. both sides pitching their proposals. but at this late point, some say any chance that congress has of averting the fiscal cliff will take serious late night legislative wrangling. good morning. i'm eric shawn. i'm heather childers in for jamie colby. without a deal the countdown to 2013 also a countdown to smaller pay checks for nearly all americans as the
PBS
Dec 24, 2012 4:30pm PST
to the fiscal cliff deadline, but with those talks on hold, so is the santa claus rally on wall street. and they're a rare breed in corporate america. we look at why so few c.e.o.'s are women. that and more, tonight on nbr. >> susie: not a very merry day of trading on wall street today. it was a holiday shortened session, and the investors and traders working on this half- day were playing it safe, especially with the fiscal cliff talks on holiday break as well. when the closing bell rang at 1:00 eastern time, the dow was down 51 points, the nasdaq lost eight, and the s&p was off 3 points. so while wall street worked half a day, washington was on vacation. lawmakers are increasingly pessimistic about a big agreement-- or any agreement-- being reached before the year ends. darren gersh has the latest. >> reporter: 'twas the night before christmas, and all through the house, nothing much was going on. it was the same story in the senate. washington's cliff talks still remain deadlocked. congress will return on thursday, and it's still possible a few days of holiday cheer and const
FOX Business
Dec 30, 2012 4:00am EST
asking to avoid the fiscal cliff. he said he is moderately optimistic that a deal could be done by december 31. congressional leaders are working on crafting a bill. certainly no grand bargain here that would improve entitlements. if they can't get a deal, the president has told harry reid to put the white house proposals up for an up or down vote. the details just keep on coming out. with us now are two guests. first, we are going to go rich edson. he is here with the very latest. tell us what you made of the president's comments. he was very direct. reporter: he was. d now he passes on to the senate. senate majory leader harry reid, senate minority leader mitch mcconnell. they are trying to come up with something that can pass the house and the senate. the president laid out a proposal earlier this evening. at the beginning of this meeting. $250,000 per year. that income would be shielded from tax increases, and now he wants an extension of unemployment insurance. that is something that essentially a nonstarter in a republican-controlled house. now he is leaving it up to the two
PBS
Dec 28, 2012 1:00am PST
crisis by agreeing on a fiscal cliff deal? darren gersh reports. >> reporter: here is a measure of how bad things are now in washington. markets rallied on news the house will come back to work on sunday, even though there is no solution ready for lawmakers when they return. and in the senate, which is back at work, republican leader mitch mcconnell warned he would not write a blank check to the white house, though he said he would keep an open mind on anything the president proposes. >> it appears to me the action, if there is any, is now in the senate side and we'll just have to see if we're able, on a bipartisan basis to move forward. >> reporter: senate majority leader harry reid said he too would try to reach agreement. but that was after spending most of the day hammering away at house republicans. reid blamed the current stand off on the inability of house republicans to pass their own plan which would have extended tax breaks for everyone making less than a million dollars a year. >> it's the mother of all debacles. that was brought up in an effort to send us something. he
FOX Business
Dec 28, 2012 11:00am EST
. a good year for tech. the vix up above 20. fear of the fiscal cliff and traders saying, all right, we have this idea of a deal getting done baked into the markets, but maybe that's going to unravel a little bit. barnes and noble share, stock up more than 6 #% as i speak. the news is both good and bad. bad news first. they say the holiday period and sales trends will not meet expectations, and the reason for that is the nook business at the same time peerson investing a lot of money in the nook business so two pieces of news affecting the stock today, but it is a winner. look at that volume. pretty good. back to you. dagen: thank you, lauren. two hours to go until an 11th hour meeting between washington and the leaders. any kind of compromise? rich edson's live on capitol hill with up-to-the-minute developments. rich, what do you know? >> republicans anticipating or expecting president obama and democrats to offer a fiscal cliff deal, perhaps a scaled back proposal, but, still, no indication that's going to happen this afternoon. the senate is in session. the house returns sunday.
CBS
Dec 28, 2012 4:00am EST
obama will meet with congressional leader to try to come to a deal to avoid the so-called fiscal cliff. they've been called into a sunday evening session just in case some deal can be reached. boehner is expected to attend the white house meeting but he's made it very clear. the next move is up to the senate. tara mergener has more. >> good morning, duarte. both sides say they are eager to talk and ready to strike a deal. the fiscal cliff is still a few days away, but business owner don carlino says he's already feeling the impact. >> a lot of our customers are holding back, they're apprehensive. they're not committing to projects. they're waiting to see what happens with the fiscal cliff. >> hope is fact if congress can get it done before january 1st. even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> president obama has invited nancy pelosi, john boehner, mitch mcconnell, and harry reid to the white house this afternoon for a fiscal cliff summit. >> here we are five days from the new year, and we might finally start talking. >
PBS
Dec 27, 2012 7:00pm PST
go over the cliff. speaking from the senate floor he said there's not enough time between now and the end of the year to reach a deal. but stocks erased their losses in the final hour of trading on news that the house of representatives will reconvene on sunday night to resume talks. by the closing bell, the dow was down only 18 points, bouncing back from a triple digit loss, the nasdaq lost four, and the s&p slipped almost two points. so what happens next? and can lawmakers prevent an economic crisis by agreeing on a fiscal cliff deal? darren gersh reports. >> reporter: here is a measure of how bad things are now in washington. markets rallied on news the house will come back to work on sunday, even though there is no solution ready for lawmakers when they return. and in the senate, which is back at work, republican leader mitch mcconnell warned he would not write a blank check to the white house, though he said he would keep an open mind on anything the president proposes. >> it appears to me the action, if there is any, is now in the senate side and we'll just have to see if we're able, on a bipartisan basis to move forward. >> reporter: senate majority leader harry reid said he too would try to reach agreement. but that was after spending most of the day hammering away at house republicans. reid blamed the current stand off on the inability of house republicans to pass their own plan which would have extended tax breaks for everyone making less than a million dollars a year. >> it's the mother of all debacles. that was brought up in an effort to send us something. he couldn't even pass it among the republicans it was so absurd. he meaning the speaker. so it's very clear now mr. president that the speaker's number one goal is to get elected speaker on january 3. >> reporter: january 3 is the deadline for the new congress to start work. if a fiscal cliff fix isn't passed by then, the start of a new congress will likely delay matters even more. which is why the focus now is on reaching a nano-deal. >> the minimal that they can put together to avoid the fiscal cliff which will have sadly almost no impact on the long- term debt trajectory, but right now, neither markets nor the congress care about that. >> reporter: congress has never been terrific at long-range planning, but now the definition of long range seems to be 48 hours. >> you don't hear people talking, well a year from now, we really need to be here. you hear, well we need to do that this week. we need to do that day after tomorrow. this short-time frame horizon is new and i think people who think we are going to have tax reform and entitlement reform next year are way, way off base. >> cutting short his vacation but it's unclear whether he has the power to force a last minute solution through a deeply divided congress. >> darren gersh. >> so, joe, how bad could that be? >> i had, susie. unfortunately, the economy has been gaining momentum, if you look at the labor market as well as housing making progress. but if we would see a fall from the fiscal cliff, it's not in our own estimates that those in the congressional budget office would be enough to impart a recession in the first half of 2013. i think still there's a 51% chance, if you ask me, that we avert the cliff but those are uncomfortablably low chances of success. >> we have seen some progress in the economy, in the housing sector, in the auto sector, in the job market. if we do go over the cliff, what happens to the progress that has been made in those sectors? and consumer spending spending d confidence as well? >> well, what i would most likely anticipate that would face the brunt of the cliff would be the investment, that has always been a volatile and up and down section and we would see that in business and companies forestalling investment, cutting potentially jobs in some sectors and that we have what has been a modest, virtuous cycle turn into a modest vicious one in the first half of 2013 and consumer spending would fall as well and we would see disappointing consumer confidence numbers even today. >> i don't know if you saw this oped piece that an official wrote in the "the wall street journal" saying if we go over the fiscal cliff he sees unemployment, the unemployment rate getting up to 11%. does that number make sense to you right? right now we're at a little above 7, almost 8%. >> that seems a little pessimistic in my mind but even if we're talking about nine or 10 percent unemployment given we have seen modest progress to date it would be unfortunate conversation and clearly sub optimal from the u.s. economic perspective. so when unemployment starts to rise, it tends to be persistent and gain momentum and we want to try to avoid that at almost any cost so this is something that, even if we hit 9%, they would clearly be recessionary if we were talking about than the six months from now. >> and what about the economic status of the u.s.? in the world? there's been a lot of talk about a downgrade of the u.s.' credit rating. do you see that happening? and what would that mean? >> well, it clear has has happened in the past from s and p and it could very happen through moody's. i think it's symbolic of the long-term structural imbalances that we need to address clearly as a nation. we are still however, susie, as clearly, you and i know, still the locomotive engine of the world despite china and other emerging rising markets and that has been clear the past two years, where europe is in recession, japan continues to languish and yet the u.s. economy has shown resiliency but it is not immune from fiscal shock and that's something i clearly continue to monitor. >> all right, joe, thank you very much for coming on the practical. have we have good news for the in you year. thank you very much. >> you as well. thank you. >> joe davis, chief economist at ativan guard group >> susie: still ahead, the top tech trends for 2013, or how your cell phone will become an even bigger part of your life in the new year. >> susie: a lot of mixed messages for investors today. joining us now to sort through it all, ann miletti, senior portfolio manager at wells fargo advantage funds. >> so, anne, what do you think you heard, the economist talking about a mild recession. are we in for a correction in the stock market if that happens? >> i think right now the market is trying to predict how long this uncertainty is going to last. so right now, you know, because the market is a measuring tool, it's measuring how long the uncertainty with the fiscal cliff will last. if it's short and we get a resolution, i think we will avoid a recession. if it takes months to figure out, then i think in a slow-growth economy we could get into recession territory pretty easily without some certainty. >> but as you know, we're going to be -- even if we get a deal, we will be hearing reports on quarterly earnings in the next couple of weeks. we will be hearing from c.e.o.'s that will be talking about their out look and with all of the uncertainty probably we will be getting a lot of gloomy news. they can't be helping investor confidence, right? >> right. that's true. if we don't have some certainty on the fiscal cliff, if we don't have resolution to that, i think you're right. in that c.e.o.'s probably will remain fairly conservative in their out look and that probably won't be good for the market. but if we do get resolution, i think c.e.o.'s by nature tend to be optimistic people, and if there's some resolution and they know what the rules of engagement are, they're going to go out and probably be a little bit more optimistic. >> so you have been saying that you changed your investment strategy a little bit nor your clients and you're looking for stocks that grow better than the gdp. do you have a couple you want to tell us about? let's look at the stock markets, bv and t, and the itg, what is it about these stocks that you think are good in this uncertain time? >> well, i think both companies are set up to deliver better than acknowledge results, better than g.d.p. growth for the new year. ipg is an advertising agency. they lost a little bit of business in 2012. we think that they're going to gain new business in 2013. their leverage and ratios are way down and the management has committed to both growing revenues and returning more cash to shareholders and i think that will be a positive for 2013. bb and t has been affected by low interest rates so if we have any change in interest rates, this very high quality bank will out perform as well! all right. we will have to leave it there. anne, thanks so much. do you own any of these stocks that you just mentioned? >> i own the mutual funds that i manage, the common stock opportunity fund, as well as advantage funds. and i don't own the stocks directly, no. >> good to know. thank you very much anne miletti. >> susie: the fiscal cliff isn't the only deadline threatening the u.s. economy. dockworkers at some of the nation's biggest ports could walk off the job this weekend, if a new labor deal isn't reached. as allison worrell reports, a strike could ripple far beyond the ports. >> reporter: if a deal isn't reached by 12:01 a.m. sunday, union dock-workers will take to the picket-line. 15 ports span the east and gulf coasts. and while they're in different locations, handling different types of cargo, they all agree, a strike would be very bad for business. >> it's really important for the people in our country to recognize, in this state, that a strike combined with the ongoing negotiations between congress and president obama regarding, um, the so-called fiscal cliff could be a one, two combination knock out for nation's economy. >> if a strike does happen that means a big chunk of the more than 14,000 members of the international longshoresmen association will be off the job. >> reporter: the ports impacted generate an estimated $11 billion in state and local taxes annually. but losses from any strike will be felt far beyond the coast, with industries as diverse as agriculture, manufacturing and retail taking a hit. that's got the national retail federation urging president obama to intervene: >> the ports are a critical component to the u.s. global supply chain and a potential strike or shutdown to the ports not only impacts retailers but all other businesses who rely on the ports to move the nation's commerce. >> reporter: the sticking point in negotiations: a decades old law, called the container royalty fund. it was established in the 1960s to help dockworkers displaced by technology, the port alliance says these days those royalties serve as a bonus to workers, not a safety net. but the union disagrees saying the payments still help compensate workers for lost job opportunities. florida is home to almost a third of the ports that would be affected by the potential strike, governor rick scott says he's still thinks a deal will be reached, but if it doesn't he's counting on washington to step in. allison worrell, "n.b.r.," fort lauderdale, florida. >> susie: volatility was the word of the day here on wall street. investors were fixated on the war of words in washington over the fiscal cliff, and shrugged off some encouraging news today about jobs. fewer americans filed for jobless benefits last week: new claims fell 12,000 to 350,000. but the labor department says the christmas holiday may have distorted the numbers, as some state offices were closed monday and tuesday and could not provide data. in the markets, the volatility index, or what's often called the "fear index," jumped to its highest level since last summer on those fiscal cliff worries. but trading was still light volume on the big board weighed in at 565 million shares. over on the nasdaq: over 1.3 billion shares traded hands. eight out of 10 sectors in the s&p were down. the weakest were materials and financials. tech stocks also lost ground. the declines punished large-cap tech stocks across the board, especially those believed to be more exposed to federal spending. cisco systems and oracle each fell at least 1%. while hewlett-packard, dell and netapp settled fractionally lower. on the consumer front, amazon says it had its biggest holiday season ever, selling more than 26 million items on its peak day. the kindle fire h.d. tablet was the best-selling single product of the season. but amazon still ended down $0.32 to $248. apple stock rose more than $2 on bargain hunting. as you can the see, the stock has been hard in the last few months but is still up 26% this year. separately, apple said c.e.o. tim cook's paycheck was skimpier this year. he took home $4.2 million, much less than last year's $70 million. for more on executive compensation, head to: www.nbr.com, our "n.b.r.-u" partners at wharton have research on why companies feel they need to pay big bucks for top talent. wal-mart could be in trouble in india. the indian government looking into whether wal-mart's lobbying activities in the u.s. violated indian laws. shares of wal-mart closed fractionally higher. smith and wesson is buying back an additional $15 million worth of stock, on top of the $20 million repurchase program it recently completed. smith and wesson's shares have fallen nearly 10% since the newtown connecticut shootings. investors bought up gold today, as a safe place to park money while washington lawmakers spar over the fiscal cliff. the precious metal settled $3 higher at $1,663 an ounce. gold prices are on pace for an annual rise of about 6%, the smallest annual gain since 2008. and, supply concerns pushed palladium prices to a nine-month high. investors are worried that tight supplies from the world's top two producers and steady demand from the auto sector could mean higher prices in 2013. it settled at $708 an ounce: over the past year the metal has rising about 7.5%. and finally, for the second day in row the ishares emerging market e.t.f. ended higher. and that's tonight's "market focus." >> susie: once upon a time, holiday shopping meant countless trips to the mall. but this year, more and more people purchased their gifts using smartphones and tablets. erika miller takes a closer at how mobile technology is transforming retail. >> reporter: holiday shopping used to mean walking from store to store, and waiting on long lines. but nowadays, many people are only to happy to let their fingers do the work. >> i think mobile technology and mobile commerce is really becoming the standout stars of this holiday season. >> reporter: most adults used at least one online retail site for their holiday shopping. less than half of adults bothered to shop in a bricks and mortar store. >> one-third of ebay's shoppers now use smartphones and tablets to buy or research items. wal-mart expects mobile to account for 40% of online holiday traffic this year. which is why that retailer and others have started offering special promotions exclusively for mobile shoppers. the growing popularity of mobile shopping is bad news for many bricks and mortar stores selling goods that are available online for less. nearly half all adults admit to showrooming. that's the industry term for going to a store to check out a product in person. but then buying the item online, often from a mobile device while still in the store. best buy is ranked as the top store where people showroom, followed by wal-mart, target, and home depot. the growth in mobile commerce this season also spells trouble for stores that have websites that are not optimized for mobile shoppers. >> i think that if you don't have that presence right now its' going to be very difficult to get one long term and it's probably time to wake up and embrace the technology >> reporter: growth in mobile commerce is sure to continue long past the holiday season. some experts predict mobile spending will top a trillion dollars within five years. erika miller, "n.b.r.," new york. >> susie: using your phone for shopping, is just one of the ways you will use your cell phone in the coming year. as processing power gets bigger and the physical size gets smaller, companies are using that mobile technology to make products you use every day smarter as well. as ruben ramirez reports, those are two of the top tech trends we'll see in 2013. >> reporter: people use smartphones to play games, watch movies and keep up with social media, but for many the mobile phone will become a bigger part of their lives in the coming year. trendwatchers call it the mobile fingerprint or a smartphone as unique as your fingerprint. no need to type in passwords, your phone tells your computer its you, and then locks the screen when you step away. on the health front there's technology to let a smartphone help diabetics measure their glucose levels. and with retailers, going mobile means more than processing payments. >> we do something very specific which is not just focus on the mechanics of payments but the experience around it. everything from the point of sale all the way to what's in the consumers pocket and that bridge between the two is what is powerful and what is meaningful. >> reporter: telecom companies see mobile opportunities as well verizon, at&t and t-mobile are testing a service called isis. it brings together a users loyalty cards, coupons and boarding passes. ann mack is the director of trendspotting at j.w.t. her team puts together the top 10 trends list for 2013. >> many of our trends reflect how brands are leveraging, driving or counteracting technologies' omnipresence in our lives and how consumers are responding to its ever-present pull. >> reporter: 60% of americans already consider the relationship with their smart phones on the same level as a trusted confidant. over the coming year, technology will also continue to seep into objects we use everyday, take these ski goggles for example. they are what's being dubbed: intelligent objects. >> there's an absolute wow factor in the goggles because a lot of people perceive that the images are projected into the lens of the goggle on the inside but its really a screen at the bottom right corner and the screen, it looks like you're looking at a 14 inch screen from five feet away. >> reporter: from clothes designed to keep your body warm in winter, to the most highly anticipated launch of 2012, google glasses. i.m.s. research associates estimates the global market for wearable wireless devices will hit $6 billion by 2016. but a word of caution... >> just because you can embed technology just because you are able to it doesn't necessarily mean you should. you have to ensure that it truly enhances the experience. >> reporter: it looks like oakley's goggles, at least initially, are doing just that. >> there's very wealthy people coming in to get these goggles to go on a ski or snowboard trip and there's also people scraping up their last $600 to come in and get them. >> reporter: perhaps a sign that if you build it, they will come. ruben ramirez, "n.b.r.," new york. >> susie: tomorrow, ruben takes a look at the top trend for companies next year. here's one clue: it could get your creative juices flowing. also tomorrow, our friday market monitor guest says the theme for stock investors in the new year is cuba. tom herzfeld gives the names of three stocks that could soar when the embargo is lifted. he's president of thomas j. herzfeld advisors. tonight, we continue our look at the worst c.e.o.'s in 2012 with a couple of top executives who almost made the list. tom hudson talks with sydney finkelstein of the tuck school of business at dartmouth. >> sydney finkelstein is with the tuft school of business at dartmouth, with us again from new york. we spoke last time about your four worst c.e.o.'s. you had two more that were really seen at visionaries but really brought down-to-earth this year. they almost made your list of bad c.e.o.'s. the first is well-known mark zuckerberg, c.e.o. of facebook. the company seems to be trying to get its legs under it now that it is maturing a little bit here. >> what worried me about mark zuckerberg and why he almost got on the list is he has created a little dictatorship as facebook, even though he only owns now a small percentage of the company because the jewel's stock structure and the way he controlled the board of directors he will be a tough guy to get rid of if something does go wrong. so classic traditional and valuable, corporate governance measurements have been thrown out of the door. at the same time i think zuckerberg has been very slow in addressing the rise of mobile has a way in which so much of the internet has gone. so many people are doing so much on their iphones and smart phones and so on and there's been a great push in the last half year to mobile. there's more and more effort going in that direction so i think he is trying to do what needs to be done. i have a lot of concerns about his management style, his maturity as a leader and someone running a company of this size and this importance now, is he really the right person. i think he is someone to watch out for 2013. >> i have to think those are the same concerns for you have for your second almost worst c.e.o. andrew mason of daily deal site groupon. a lot of european problems there but there were significant accounting problems and questions about mr. mason's maturity. stock price down significantly from where it was a year ago. >> grew upon has collapsed in 2012 and stock down 80% over the year. andrew mason look like a c.e.o. in over his head: you mentioned various problems in europe. and you know, fundamentally there's not any sustainable strategy behind the groupon approach and that's because you have living social and literally dozennens and other companies doing these daily deals, and so if you don't have any particular advantage other than being first and now being eclipsed you have to come up with something else and there's a potential saving grace because mason has been working around-the-clock to try to figure out what could we do at groupon to try to stem the tide and there's a variety of different efforts and experiments frankly that are going on. so what i like about that is that he is recognizing the real fundamental problem. he has not been able to fix it's yet but he is going all in and trying to and for that reason he is not on the list this year but let's watch him for next year. >> maybe he could avoid the list all together next year if he is able to hit a home run. sydney finkelstein with dartmouth. >> >> susie: that's "nightly business report" for thursday, december 27. have a great evening everyone. we'll see you online at: www.nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follows us on our facebook page at bizrpt. and on twitter @bizrpt. >> gere: he lived in india 2,500 years ago. echoes of his world still remain. the buddha: the indian sage whose story inspired one of the world's great religions: buddhism, the fourth largest religion in the world. he was the son of a king, a pampered prince who abandoned a life of pleasure to seek enlightenment. >> even buddha himself in order to get final enlightenment need hard work. >> gere: it was an arduous spiritual journey. >> he was eating one grain of rice per day. he was standing on one foot. he was sleeping on nails. >> gere: meditating
FOX Business
Dec 27, 2012 6:00pm EST
why ruin a good thing? it is like the new coa coke thas supposed to revolutionize coke and it failed miserably. adam: may only have the money for the pizza or the beer, you have to choose, right? >> why mess up a good thing. stop printing money, ben bernanke. adam: that is all the time we have got for you today. "the willis report" is next, have a great thursday. gerri: tonight get ready, folks. we arwe're going over the fiscal cliff and lawmakers are just picturing about it, they are not trying to fix it. we have some great ideas to fix the fiscal cliff blues. try flying first class and don't pay for it. welcome to "the willis report." hello, everybody. i am gerri willis. tonight congress is pushing america up a fiscal cliff of its own making. president obama and the senate back in washington today trying to get some kind of a deal done, that is what they say, but nothing will likely come in time. harry reid spent the day moaning about how bad of a speaker john boehner is good the house is set to return sunday afternoon just one day before the end of the year. nearly 90% of americans will be hit with $500 billion in tax hikes and spending cuts. as we head off a cliff, what can you and your family expect come january 2? president of the american action reform joins me now. so, windows narrowing, what can we expect from here? >> if we literally go on autopilot and they fail to change course, i am worried about the economy. some sharp equity market attractions, consumer confidence has already begun, lots and lots of notices sent out, layoffs scaring people to death. this is not a good news story for anybody looking for a job. gerri: the clock keeps on taking. the cover of "the new york post," pretty amusing. off the fiscal cliff, this is really going to hurt. i think everybody can relate to that one. for taxpayers, $500 billion increase in taxes. how will that hit people, how meaningful is it going to be, will they see the results in their first paychecks? >> for sure the higher taxes that came with health care reform. 8% on the income, 9% of payroll, every american 2.2% on every medical device except my glasses, contacts hearing aids. those are happen. payroll tax will go away almost certainly. your payroll tax is almost smaller. gerri: your first paycheck will be smaller in the new year, right? >> no question. it will try to avoid the first paycheck, and for the bush tax cuts, but there's no guarantee they can keep i that up for very long. this is a story where the checks get smaller and the economy is weaker very quickly. gerri: let's talk about entitlement programs and the impact on them. social security will have a deficit this year of $6 billion yet again. can't keep up with social security. what is the longer-term impact of what is going on on these programs? >> we really do need to have a deal on a big problem, which is the national debt larger than the economy, driven by broken entitlement programs. medicare has a huge deficit, $300 billion every year. 10,000 new beneficiaries every day. medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: they want to raise the debt ceiling again, as a matter of fact by monday we will be out of dough. it is unconscionable to me we are in this position again. let's remember what happened last time. the market sold off, the economy went into the tank. will that happen all over again? >> i think it is a serious possibilities out like to make that they don't mix the debt ceiling in with the fiscal cliff. we have to get to next without a self-inflicted recession and take on the debt ceiling which a symptom of the national debt. if we can deal with the national debt, we can get a deal on the debt ceiling. but that is a lot of work. gerri: the war of words going on is not helping. harry reid saying it is republicans fault and somebody from boehner's office said harry reid has to talk less and legislate more. it is comical. it is simply comical what is going on. does it surprise you? >> sadly it does not surprise me too much. the truth is this. there has to be a bargain struck and not a good way to bargain to demonize the people you'll be sitting at the table with. harry reid called a speaker john boehner a dictator. republicans have fought that, they are not innocent in this. timtime to take down the verbal warfare and cut a deal sparing the fallout of the fiscal cliff. gerri: can we get anything with any meaning before the end of the year? >> not get your hopes up on a big deal on the debt. not too many tax increases, some will be in there. avoiding the sequester, the spending cuts, that is the best thing that could happen at this point and i'm pretty optimistic person, i get up every morning thinking good things will happen but this is causing me to drink every night so i did not know if i will get there or not. gerri: you glass half-full kind of guy. i hope your champagne glasses more than half full on new year's. have a good one. while the chances of lawmakers reaching a deal seemed to be slim to none, you'll be glad to know some state lawmakers will% be warned though much more productive. here are some of our favorites. let's start with illinois. starting in 2013 and new law gives motorcyclists be okay to run red lights. leave it or not. after complaints from cyclist who say light sensors don't see the cycles. and the okay for computer-driven cars on public roads but they say it is okay as long as a human is in the passenger seat. also in the golden state, hunters are now banned from chasing bobcats. in the population is out of control, a new law will now impose harsher penalties on those who release hawks into the wild. and finally, my personal favorite from new york city, they do three things all the time. and now ban the sale of large sodas and sugary drinks at restaurants. to curb obesity. like that is going to help. more than 200 of these laws will now be on the books come january 1. call me crazy or what. for more on what will look like in the new year, joined by university of maryland economics professor peter morrissey. great to see you again, has been a while, glad to have you back on. we talked about this before but what happens if we go over the cliff, the recession if there is no new deal. what people don't talk about, everybody agrees there'll be some sort of a recession and there is no deal. will the market be happy with any deal or are they looking for something specific? >> any deal would make them happy because that would mean we wouldn't have a recession necessarily. longer-term the market will require the united states to get a handle on the fiscal issues and to start to have a manageable plan on the deficits. we don't get that done in 2013, our bond rating will go down and maybe we print our own money. however i think we see in equity markets long-term folks lose confidence to manage its affairs and they go elsewhere. gerri: i want to ask you about the debt ceiling. we run out of money on monday. it is right in front of us, the last time we went through this in august of 2011, what happened? is it the same scenario that will play out again, or is it even worse? >> is hard to imagine it could be worse. a selloff if we have the same sort of thing the government shutting down after they pulled all the lovers and the police and run out of money. it gets pretty ugly. gerri: next year, 2013, what will be the big drivers of the economy? what do you see coming up? >> the good news will be the housing sector improving a lot. more progress in the auto sector. there is still a lot of replacement to be done, so that is good. my feeling is if they survive, manufacturing will grow. altogether this is good for 2% growth because the consumer continues to be weighed down by slow wage growth. gerri: everything three imposes. they were not very good. speak of the continued to buy cars. people becoming much more prudent with everyday items. i was sitting with my graduate students and some talk about buying clothes for one location. i don't hear that anymore. i think people are more prudent with everyday expenses and they have divided car and it will make them last longer. gerri: maybe there will be some kind opent up demand. do you see them moving off their policy of easy money next year anytime? >> i don't believe so although they may become frustrated by their inability to push mortgage rates down and they might ease back a little bit on their purchases of agency securities simply because all it is doing is putting a lot of money in the pockets of the bank, not causing borrowers to get a much lower rate. overall they will have an easy money policy for quite a while. unemployment is falling only because fewer people are participating on a percentage basis in the labor force. if we had participation a level from mr. obama took office, unemployment rate north of 10%. gerri: you had low expectations for any kind of deal getting done. it would be small. they're not even meeting that. you think we will get anything before january 1? >> identifies the house has been brought back increases the likelihood we will. the real question here is to republicans playing a little bit? do they accept tax increases something over and comes a $5000. does the president given a little bit? you're asking me what a very rigid man and a very rigid group of guys over at the house be willing to behave like adults and compromise? so far we haven't seen any vacation adult behavior from either group. gerri: what you said about how you took some sort of confidence the house was coming back also encourage the stock market today. maybe they might get something. appreciate your time, have a great new years. gerri: take care. >> thank you. gerri: when we come back, how does he jump the fiscal cliff talks? and some new years resolutions on congress. we will be right back. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty mh access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. gerri: it is official coming house will be back to deal with the fiscal cliff monday afternoon. harry reid asked the politicians to blame john boehner for everything. joining me now, chairman and cofounder. great to have you back. i mean, come on, harry reid was crazy today. >> american people i don't think understand the house of representatives is operating without the house of representatives. it iit's being operated with a dictatorship of the speaker. gerri: how do you respond to that? john boehner quinones says to make everything not happen? >> harry reid is i like the crazy uncle everybody ignores at holiday gatherings. he is just talking the talk. we haven't passed a federal budget in three years. the senate hasn't done anything. he is doing a pretty good job giving the public opinion polls. gerri: john boehner shot back saying senator reid should talk less and regulate more. how is anything going to get done when everybody is just calling each other names, a sickly? >> the idea is they will get beyond calling each other names and stop the campaign and get down to business. what really needs to happen is the democrats need to really negotiate in good faith. they are not talking about spending cuts or entitlement reform. this is coming from the "washington post" and "usa today." not exactly passionate conservative thinking. when they want to get serious, republican: republicans have shs evidence behind closed doors and with plan b. there willing to raise tax rates. this can be done, but whether or not both sides want to get it done right now. gerri: there was an interesting story breaking down the original negotiations that broke down and obama said to have told john boehner you get nothing, i get that for free. in response to put up 800 million in tax revenue changing his entire mind and obama said basically i don't have to respond to this, i will just take it. >> president obama is governing as a negative way with an iron fist. he wants them to respect his perceived election mandate and friendly john boehner was acting in good faith because by allowing tax rate go up on certain segments of the population was compromising principles in hopes of something in return and the president offered nothing in return. gerri: there is a big storm, hundreds of flights have been canceled. it is very possible not everybody will be able to be there. with this disrupts the situation yet again? >> it could. one of my favorite movies is planes, trains and automobiles. why trouble are those in hawaii. it could be a problem. look, i agree with you, these are congressmen and congresswoman. if there is seriously a deal, they will find a way to get here and it will be done. gerri: there were all sorts of interesting stories, rumors about putting something on a table on sunday. some other information going to come out for democrats. that would be something new. >> he will actually put something forward. scott braun was talking about that on his facebook page. i don't think the president wants to trade off a political victory in terms of recession. he really wants to get his agenda through in the next two years and if we go in recession he will have a hard time doing that and the blame will shift from republicans to the white house because they couldn't get a deal done. gerri: you would think the blame will be shipping from republicans to the white house? >> when people say the tax bill being raised average $3500, people will be piping mad looking for somebody to blame and we know the democrats control two of the three parties needed to reach a deal. if there's a will to get a deal done instead of making republicans look bad trying to break them on several issues down the road, this will get done. gerri: this'l this will be a tef character. have a happy new year, thank you very much. >> thank you. gerri: and mildly chief watchdog for the environment is out. epa administrator said today she is stepping down effective next month. her four year tenure has been marred by a string of controversy including pushing cap-and-trade. relations on coal fire power plant, the war on coal and a fight with republicans blocking the keystone pipeline. we talk a lot about that, remember. also accused of using a secret e-mail alias to conduct official business. that investigation still going on. jackson hasn't given any reason for her departure but has not accepted any other job at this time. and just ahead, have you given thought to your new year's resolution that? i have a few ideas congress has to consider. and we will have an in-depth preview of the housing market, coming up. gerri: americans are getting their financial house orders, so why can't washington? next, i new year's resolutions for congress. gerri: i have to tell you i'm tempted to go shopping to take advantage of all the sales retailers are having this week but i can't bring myself to do it. frankly i would rather hang out with my family. and i'm not the only one sitting home. most of us are whittling down our debt instead of spending money. five years after the borrowing bubble burst a numbe number of e holders behind on payments are down. it's impressive, right? mortgage delinquencies are down. the federal reserve says americans are spending 11% less of their disposable income paying down debt. 11%. total portion of what they get in the house goes to paying down debt which is a fantastic performance and the best since 1994. regular americans like you and me are getting our financial houses in order, we are more responsible, managing our money better. the opposite is going on in washington. on monday we hit the congressionally set debt ceiling. the record of four years of deficits at trillion dollars levels. the national debt at an all-time high. social security running a deficit for the second year in a row and now democrats: republicans to raise the debt ceiling again. despite the fact they raised it by 1.2 trillion less than a year ago. sounds like our leaders have to make a few financial resolutions this year. here are my suggestions for them. don't spend more money than you take in. pretty basic stuff for most of us. this year the fed spent $29,691 per household. they borrowed $3.20 of that of every $10 they spend. now i've got to tell you come up will require some discipline cutting spending, in other words you can't tax your way to the fiscal solvency. my next resolution. plan ahead. make a budget. the senate has failed to do this in for the last four years. he can't get ahead if you don't know where you're going. and stop lying. the federal budget is full of gimmicks that are just stinky life like the automatic spending increases that are both spending with no congressional action. so when members of congress say they are cutting spending, what they're doing is cutting the growth of spending. i could go on and on, but you get the point. these are once every high school student has heard about when congress was given a lesson. the best news story this year certainly didn't come out of washington or wall street, but it happened right in your neighborhood. 2013 will be even better. i will tell you all about it coming up next. she knows you like no one else. and you wouldn't have it any other way. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. approved to treat ed and symptoms of bph, tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, seek immediate medical help for an erection lasting more than fo hours. if you have any sudden decrease or loss in hearing or vision, or if you have any allergic reactions such as sh, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a 30-tablet free trial. gerri: welcome back. the good news just keeps on coming in one part of the economy. home prices jumping 4.3% in 20 major markets across the u.s. mark the biggest gains since may 2010. so that full recovery on track for 2013? here with answers, house reporter for the "wall street journal." i will start with you. how a solid if this recovery, how substantial? >> this year the housing recovery went farther than anybody expected. the house an housing drummer whs at several indicators tells us to recovery is about halfway back to normal, from the worst point during the bus around three years ago back to the long-term historical normal levels. we still have a long time to go, but this is still better than anyone thought it would be at this point. gerri: let's talk about the cities doing that. phoenix up dramatically 22%, one of the cities creamed in the downturn. where are the bright spoos in this country? >speak when it comes to price increases, places like phoenix, detroit and more recently las vegas, parts of florida and even atlanta. places all hit hard during the bus. but a lot of it is coming from investor interest. there are other interests that have even stronger fundamentals missing the boom and the bus. gerri: i have to tell you everybody feels the pain, i think. the white house, the administration leading the way in putting together for work yet another bailout program, it sounds like. they want to extend existing programs to people who owe more than their home is worth. tell us about that. i'm confused by the administration would be thinking of this now as the market is recovering. >> a year ago they spend the program if you have a mortgage-backed, you were underwater and could refinance. it was quite successful, hundreds of thousands of underwater borrowers have been able to participate, now they want to broaden it to people who don't have government-backed loans. the issue is if people have done what they're supposed to do, pay your loan on time but you have a high interest rate, 6% or 7% interest rate right now, shouldn't you be able to take advantage? that is what they want to do. gerri: let's talk reality. this only makes them more important in the housing market than they already are, which is pretty important. speak of the latest plan will become commercial for that reason because up until now all the refinance programs have said let's take the existing risk on the government's books and make it less risky but making those people refinance. now you are expanding the risk of the government's books. new loans held by private investors. gerri: i want to talk about another issue with you that is a fiscal cliff going over the fiscal cliff, what will that do to housing? >> the worst case scenario in the fiscal cliff if the tax increases and spending cuts come into effect would be bad for the economy and would really hurt housing demand. even if the fiscal cliff is solved, less damaging ways to resolve the fiscal cliff, the housing market still might be affected if the mortgage interest deduction is cut back severely. right now the mortgage interest deduction cost the government roughly $100 billion per year in revenue and getting rid of that would likely increase home values particularly in more expensive areas. gerri: rehear it would put the brakes on selling and home buying in those areas. what are the issues for you? you know all the issues and housing, what are you looking for next year? >> three things have been really important, the first is the inventories of homes for sale are down sharply. that is great news for home sellers because there is less competition. bad news for buyers. demand is also up, rising rent, rising prices, both of those will get urgency. the growth hasn't been great but it has been enough to get people off the fence, people feel more secure so demand is up. and finally, credit. it will be important to look at what are the standards to get a mortgage, much harder to get a mortgage even though rates are very low. it is cheap if you can qualify but it is still hard for lots of folks to qualify. gerri: will we see inventory pop higher next year? >> builders are certainly building more homes now. you will see more of that and the price could unlock more homeowners to put their homes on the market. gerri: let's look at the markets to watch in 2013. where you see big growth, san francisco on it, a market that always seems to do well. what other towns and cities should we look at? >> there are some markets that have strong fundamentals. strong job growth, low vacancy rates and a very strong foreclosure inventory, or very small inventory of homes still to come onto the market. san francisco, several metros in texas, louisville, places that haven't gotten as much attention with the price increases that have had strong market fundamentals all along or the markets to watch next year. gerri: fort worth, austin, houston, san antonio and nebraska, omaha, louisville, peabody, maryland, interesting. she had run some numbers on that. it'll be interesting to see what those numbers too. thank you for coming on, great to have both of you here. now we want to know what you think. do you feel the housing market is recovering where you live? vote on the right-hand side of the screen and we will share the results at the end of the show. stay with us. gerri: breaking news in the fiscal cliff tonight, fox news reporting there'll be a meeting of congressional leaders with the president tomorrow. we don't have a time confirmed, but in being with congressional leaders on hand will be the president, mitch mcconnell, the minority leader in the senate and of course harry reid, the majority leader. earlier reports of this story had it john boehner would be on hand, but john boehner is not even in washington, d.c., and a spokesperson told us they haven't been invited. so figure that out. who will follow as it continues to break but right now a meettng with congressional leaders on the fiscal cliff with the president on hand tomorrow, friday, and we will shirk over that. i put different topic. even if you aren't a frequent flyer, my next guest says you can enjoy the perks of being one. like being upgraded to first class and it is not as hard as you think. now, rick, have waited for this segment for the whole show because i wanted that elite status but i don't fly enough to really earn it. so tell me, how can i get that elite status without doing all the work were spending all the money? >> typically the one bad problem with elite status if you have to fly. you don't have to fly very much. we'll give you an example of how my wife achieved elite status in one trip but typically a big difference between the miles you get on your credit card and bonuses and vendors to those you can use to redeem, ward or upgraded, don't give you the status, you actually have to fly. very rarely do cards, t so they want to cost $400 per year annually, give you the status. if you can fly cheaply, basically what most people do picking the right mouse click and achieve elite status very quickly. gaming the system, if you will. gerri: i want to try it myself. you say fly inconvenient flights. what does that mean? >> if you're really good at it, you might go from dallas to new york via los angeles and seattle, for example. doubling the amount of miles you actually flew. a lot of people really good at this will actually take four stops each way, it's different segments and he can write more miles and take advantage of the airlines double miles on his programs and recently i flew to china just about three weeks ago for the weekend with my wife and other trip out she achieved elite status and on the way back she got tier three. how my family completely upgrade for really the next 14 months when only i could upgrade my daughter before. gerri: i know somebody who used to go to new york and a fake is back and forth to drive miles. >> all sorts of things, credit cards are making offers, airlines making offers for american airlines face with her in the last few months doubling up everybody with elite status already. the bottom line is you have to be a member of a social circle, what i call the flyer talkers, mileage runners, you will find an entire underground community with literally dozens of tips on how to maximize your miles for using miles. there are at least 50 different tips to do a different deal. getting elite travelers to combat the airlines. having trouble with the way things flying has been. gerri: the other thing is to take cheap trips on a whim and i can guess that is driving up the number of miles you have. thank you for coming on tonight, it is always a pleasure to see you, thank you so much. >> happy new year. gerri: still to come, client could model of planning for your retirement may no longer work. details after the break. gerri: times are changing, a whole new way of looking at your nest egg in two minutes. gerri: times are changing for you and your retirement. the traditional way of planning out your golden years including three components. the three-legged stool, social security, employer-provided retirement savings and other savings you might have. our next guest says it is turning into a pyramid. chief economist joining me now with a whole new way to think about your nest egg. what do you mean about this not being a three-legged stool anymore? >> when we look at this and think about it, never thought the three-legged stool did a very good job capturing how people really plan and prepare for retirement. we think about this more as a pyramid having five players. some of the onc ones part of the legs, some of those not. the first layer being social security, housing is an important component, employment sponsored pension plans, individuaandindividual retiremes and other savings in those five levels build upon one another. gerri: we have a picture of that we can show you. it breaks down all the assets you are considering. the ones that really surprised me was how important homeownership turned out to be. now we are going to break it down by total assets you have. you have less than 100,000, maybe 93,500. 82% of your retirement resource is in social security. talk to us about that. >> so social security is designed to really make sure low income households have enough money to keep them out of poverty. it is designed helping get more income in retirement at the a percentage of their overall income than higher income households. that doesn't mean lower income households won't come at once and other resources. gerri: that is what it basically looks like, right? let's move on if you just have under $300,000, now social security less important, you bring something to the table, you have not housing wealth, talk to us about that. >> is beginning to move into the middle class, those other components become much more important. 80% of holes holes have a home when they enter into retirement in the home provide them with shelter. they also are saving employer sponsored plans like 401(k). it is important to take advantage of those incentives. that really helps to build the retirement security. gerri: a little over half a million in savings, not housing wealth becomes more important. retirement assets. tell us about the category of other assets because now it seems to becoming important. >> those higher income households, the other assets are a variety of things. the 401(k) and not be enough because of the limit set. you may have to save more money outside of that in a taxable account. the higher income households also have a business, self employed in some way. those are business as parttof other assets as well. each one of these sort of components vary in importance. as you point out they become more important as you have higher income and higher wealth. gerri: the final one here, if you have savings of total assets over 900,000, you are knocking at the door of $1 million, you aryou're doing pretty well, and there is much more even distribution of the assets over different classes, one of the things you mentioned to me on the telephone was about ira being critical. not just the 401(k) you have at retirement, but also the ira you build up over time. >> absolutely. that is exactly the point. the ira is a way to sort of put together all of the money that you saved in retirement accounts from different employers over time and that is how people use them. roll the money into an ira, working with a financial advisor and a way of aggregating and collecting it all in one place. you can see on that chart how that becomes as to amass more wealth as you approach retirement. gerri: brian, thank you for coming on today and thank you for the insight, thank you so much, have a great new years. >> u2. goodbye gerri: a quick update to a story we covered recently on the show. listen to this, small business owner from staten island had a bagel shop, not just bagels is the name of it. completely wiped away by hurricane sandy. listen to this, we just got word she is reopening her store tomorrow. important news there. in related news, congress still fighting over the supplemental bill. the latest guidance and not vote expected in the senate tomorrow night. we will cover that story as well and we will be right back with my two cents more at the answer to the question of the day. do you feel the housing market in your area is recovering? [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. ♪ gerri: an update to of breaking news story we told you about a little earlier in the show. tomorrow we said there would be a congressional meeting with the president on the fiscal cliff. we don't know what time, but it's happening friday. we told you earlier that the speaker of the house would not be attending.
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Dec 24, 2012 4:00am EST
automatically produce. it's just a fail-safe. well, let's just say as the president closed tonight, it said things are just getting better. it is just the worst mistake. but there's just too much hatred between the two parties to put it off. put simply, sometimes i think they would rather throw us back into the recession than to betray their principles by compromising. the only way they know how to save the village is to burn it down. given the wanton hardship that beckons if we fall off the cliff and the chance of no deal is possible let alone one that can be reached in a few days time, why weren't we down much more? why weren't we off gigantically? why didn't we detonate? the market reaction brought about a successful t.a.r.p. bill almost immediately tlaf? why didn't we crack? it looks like we couldn't raise the debt ceiling last year, after all, the cliff is every period as horrible as those nightmares, isn't it? there is no easy answer to why we didn't crash today. i heard all day, look off, a gigantic sell-off is right around the corner. i got tons of e-mails last night. i say anything is possible. but i wouldn't count on a sell-off of the magnitude of the previous round. here is why. the western financial world would literally teetering on the abyss. atms that might not have worked with the hefty cash control, possibility of endless bank nationalization. as for the debt ceiling, the market just got that one wrong. just like with the debt ceiling deal we got last year, never forget politicians can always agree on something, something small until another time without any violation of principles. a politician took the tax increase pledge to the most powerful impact of the republican party. norquist can't vote for one. memo to washington who people think there could be a deal easily, these republicans don't fear the wrath of speaker boehner like they do the whip of norquist. in two weeks' time, we'll have a dramatic tax increase. going over the cliff is the only way these norquist controlled republicans can spare the wrath of grover. which i believe having known grover for 35 years is indeed worth than the wrath of khan. so why bother to sell now? it's a pretty legitimate subsequent, can't it? now we rallied 7% from the november woes. and i believe we can keep selling off. not hard, but certainly a couple percent as more and more people recognize that we could be going over the cliff. even if this is why you shouldn't sell. pull back again. perhaps by getting the achievable goal by helping the middle class with tax breaks. remember, it isn't a cliff where you have a hard landing. more kind of a jump on to a trampoline, maybe like a deep swimming pool. there is a recovery that is almost a certainty, but it could be a vicious belly flop where you come out and you're so red. jim, i think we should look for a grand bargain. instead, likely we get a smaller deal. it will be a letdown for those of us who would hope washington would recede into the background. washington should go back to being like the washington monument and the lincoln memorial. we have hedge fund managers who have bet we could have a benign finish to the year. it doesn't look like that's going to happen. heem go, here we go gn, it's going to be t.a.r.p. all over again. it's the same one we did today for actionar alerts.com. we judge the u.s. economy to be strong, strong enough to survive a fall into a trampoline or a deep pool. housing, autos, thinking china related can be bought right here. this is an opportunity to buy not sell as we work towards a deal. it might actually take until the super bowl when everyone by then will have seen their truncated paycheck and you have to get a deal by then. you would have expected a much bigger sell-off today unless, of course, you recognize that a compromise is much easier reached in 2013 than 2012. if we only have to wait a short time before we get a kick the can deal from the government, better be a buyer than a seller. compromise is far, far more likely than not, despite last night's shenanigashenanigans. jack in florida, jack? >> caller: i read your book. i enjoyed it very much. >> thank you. >> caller: i'm following a sector rotation strategy with some of my investments. currently in the material sector. and hoping to catch more of the housing uprise. but with the fiscal cliff looming, i was wondering if you would advise more defenseless strategy like consumer staples or something going into the new year. >> what i was thinking i told a friend of mine today conagra reported an amazing number. that's the kind of thing i would think about. nice yield. good growth. i think that's the best idea. why don't we go to brooks in ohio. brooks was here. brooks? >> caller: my question is about abbott, the split, how's it going down and which side are you on? >> good news today. the split will be included in the s&p which is why it was up. abbott is going higher. that's why my travel trust owns it. things seem dysfunctional in washington but even now it's better to be a buyer than a seller if you know where to look. "mad money" will be right back. >> announcer: coming up, the world is overflowing with information and tibco helps make sense of ones and zeros. while the market is up nice for the year, its stock is now down big. does today's turn to the green mean it's time to logon or should you pull the plug? cramer's exclusive with the ceo is next. and later, high stakes. looking to play a turnaround in the people's republic? much of the chinese market can get lost in translation but cramer spotted a stock that could be your passport to profits from the far east and plus, buy like a bull. washington took a few steps back today as we crept closer to the edge of the fiscal cliff. who will outperform if washington actually gets its act together? cramer's got a stock that could make 2013 a year to celebrate. all coming up on "mad money." i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. >>> sometimes when a company stumbles, a strength of underlying themes take tibco. back on december 5th, tibco did drop the ball. company preannounced a downside. credit where credit is due, they didn't make excuses. they said their sales force didn't do a good enough job. days to follow it wasn't so strong. normally after negative preannouncement my rule of thumb is to stay away for a couple quarters to see if management has a handle on things. results were slightly better than expected which is why the stock jumped up 1.62. up 14% from where it was in wake of the preannouncement. if you bought the stock the last time ceo was on in july, you have lost 19%. so where do we go from here? let's check in with vivek ranadive, founder and chairman of tibco software. let's find out about the quarter and company's prospects. welcome back to the show. >> jim, thank you for having me. it's always a pleasure to be on. >> all right. when things are great, we say how come they were so great, what happened? you were very candid on your call. what went wrong and how are you fixing it? >> well, jim, we failed to execute in north america in our core business. it was entirely our fault. no excuses. we have made a leadership change and that takes effect starting now. but there were parts of our business that were very strong. we closed ads 6 million deal with the spanish bank. visual analytics were up. there's no question there is strong demand for our products. we failed to execute in certain areas. >> okay. there was one -- i know everyone knows the federal government is having a tough time. they seem to have spent less with you than they did previously. the federal government stiff you? what happened? >> it was bad execution. i can't blame anybody but myself. we had a greater than 90% drop in that business and that's just bad execution. but on the other side we were up 50% in the west. we were you were 50%, 60% in the south and in the northeast. so we had great strength in many areas but areas like the government, the center region, canada, latin america, we had poor execution. >> now, you do some work -- this is the first time i asked you about this. for the oil and gas industry. what do you guys do for oil and gas? we know what do you for amazon, what you do for retailers and for government. i never heard you talk about this sector. >> oil and gas is a big data problem. we look at massive amounts of data and define patterns so people know where to drill so that's on one hand and then on the other hand it's an integration problem. they have lots of sources of data that need to be integrated and they need to manage their supply chains so we are the infrastructure for that industry. >> so in other words like they get a reservoir map and you figure out what is likelihood of where oil could be found. >> yeah, yeah. we look at massive amounts of data and we find patterns in that data. no different than what i do with my basketball team. who do i sell jerseys do and who do i sell tickets to? where do you drill? >> you own a pro team. it's not a pickup game at tibco. >> well, my lowly warriors did beat the heat so oracle is next. >> don't get me in trouble. don't get me in trouble with elison. he'll say, how did you let him get away with that? you did mention in the conference call that the 49ers went from worst to first by a change in the head coach. are you confident that you have done the equivalent that the niners did at tibco? >> i am very confident of that, jim. we have strong leadership in north america. there were parts of north america where we had great strength. there were areas where we grew and we have to replicate that model across the board. you have to rec, recommend, jim, last time i missed i went on to have 17 very strong quarters consecutively after that and the stock grew five-fold from that point in time. hopefully we can reproduce those rules results moving forward. it was entirely our fault. it was bad execution. >> how are you able to do so well in europe compared to america? is that just an example of you were disciplined in europe and you got a lot of business? i'm trying to understand. europe is harder right now than america. >> exactly. that underscores the point that what we do nobody else can do. we want to make the offer when your wallet is out of your pocket not six months after you leave the store. you can go look in the filing cabinet that oracle or s.a.p. or microsoft has and that's the 20th century. we're all about doing things in realtime. we make you that offer when your wallet is out and your credit card is in your hand. nobody else can do that. that's a universal big data realtime problem that only tibco can solve. >> you mentioned oracle and s.a.p. and analysts that i checked in with say that ibm has come on very strong. >> ibm is our strongest competitor. we beat them every single time in terms of technical performance. they do have strong relationships and at the end of the day we have to be three years ahead of the competition and we believe we are. >> okay. you had 25 deals that were over 1 million. last year you had 28 deals over 1 million. should we believe that therefore the momentum here has slowed to a point where it's noticeable? >> no, no. you have to remember, jim, over the last three years we have grown 38%. grown our top line almost 20%. parts of our business like visual analytics that grew. our metrics are generally strong. you have to remember that even in our disaster quarter, this was a disaster for us we still arguably did better than oracle did in their victory lap quarter and that's after spending $40 billion to $50 billion buying companies. our performance was a disaster. we know what we need to do to fix it and we will. >> you're a stand up to come on the show. i saw preannouncement i hoped you would come on. this is what viewers want. they want to know who comes on and who owns it and you did. you laid out a pretty good case. vivek ranadive, founder and ceo of tibco software. thank you for coming on the show. >> thank you. >> this is a tough business he's in. it's entirely possible to miss a quarter or two as he just mentioned and then come on strong. go do the homework, tibco. look at what they're doing right. bet that vivek was honest enough to come on the show and that's worth something. stay with cramer. >> announcer: looking to make a turnaround? cramer spotted a stock that could be your passport to profits from the far east. >>> on a nasty day like this one, let's not forget that government doesn't control everything. we invest in stocks of individual companies. in an uncertain environment, few things are better than a company with an honest to goodness turnaround story. one that's not dependent on the doings of congress or the president. take mgm resorts international. mgm for you home gamers, a stock i have not talked about in ages but i think it's time to step up to the plate. largest casino operator in vegas. vegas is hard hit. they have a sizable business in china. center project in vegas that this company was practically -- you couldn't write it off. burdened with vast amounts of debt and then a new ceo came in. he slowly but surely has been fixing mgm's past mistakes including the massive citi center project in vegas that drove the company to the brink of chapter 11. this is a turn that's been years in making but now businesses are starting to come back. you haven't missed anything so this is the moment. let me explain. not long ago it was a real sick customer. took on a ton the debt when las vegas was fabulous place to do business. when the vegas market got annihilate during the great recession, mgm was crushed. think of it like this. i'm looking for analogies all the time. mgm was on its deathbed. company was on life support. gaming revenues tumbled from 2007 through 2009. the patient, it was slipping. then mgm got a pacemaker in the form of a new ceo when a one-time wall street gaming analyst took over in december of 2008 right at the height of the recession. vegas business stabilized in 2010 and 2011. the president said he didn't like trips there or something. the doctors are making improvements with mgm with rebound in chinese economy, mgm's business is getting a much needed hip replacement. on top of that management is doing the equivalent of spinal surgery to clean up the balance sheet and all those things together take the company off life support, out of the hospital, in rehab and back in business. let's go through this in detail. it's amazing. doesn't get any ink. first, mgm's core business las vegas. through september of this year the vegas market experienced 12% increase in visitation and 3% increases in revenues and 2% increase in room nights occupied. it doesn't sound like much. after years of declines, visitation is now on track to surpass peak levels in 2006 and 2007. it's back. vegas is back. the big problem with vegas during and after the recession was the huge amount of overbuilding. have you ever been out there? it was like being in one of those chinese cities that has a lot of tier 7 or something. from 2007 to 2010 despite the slowdown, the number of rooms in the vegas strip increased by 15%. that was just way too much supply and not enough demand. that is lethal for pricing. >> the house of pain. >> now the overbuilding is in the past. >> house of pleasure. >> there are no major resorts on the horizon in vegas for the next few years. that's good news for mgm which operates almost a third of all of the rooms on the strip and things are looking better for convention bookings. up year over year. i didn't think that would happen. they upgraded rooms where cramer stays. two of the company's prime properties. and they're coming out with new entertainment and dining offerings. things aren't going back to where they were before the recession. not yet. not yet. they are definitely improving. i think improvement will be dramatic in 2013 especially if we get the super bowl deal in fiscal cliff that we're talking about that should come in the beginning of february when voters realize how much smaller their paychecks are and mgm is having a year end clearance sale at the citi center property. monetizing. monetizing. then there's the balance sheet. this may be the single most important point of the story. when jim took over mgm's balance sheet was hideous. it was just awful. in 2009 the company was in vital of its debt covenants. mgm had to pay down debt by selling treasure island, one of my favorite casinos, for $775 million. the company was given time to get its house in order. fast forward to earlier this month. mgm announced 4.8 billion refinance of debt. the company is paying sdoun its inner secured notes. they replaced it with new lower rate senior notes and term limits. this is what you really look for. this is a huge, huge deal. okay. for caesar's i want to buy bonds but here i want to buy the common. mgm stock popped on the news of the refi. i think it puts a floor in the stock at ten and two bucks below where it is right now and they should pay $4 billion in debt in the next five years clearing up the balance sheet. let's talk about china. mgm owns 51% of the chinese subsidiary which is publicly traded on the hong kong stock exchange. they are one of only six companies that allows to operate casinos which is in the chinese las vegas but it's much, much bigger. we know china's economy is on the mend. that's good news for mgm china. they have one resort right now but back in october mgm got permission to build a hotel and casino on the strip which is a huge new development of macau. it will take years to get this up and running. most don't expect it to open until 2016 or 2017 but gives mgm growth down the road. so the out years might be much better. that's it. growth guys love that stuff. mgm popped off lows. not caught the bottom here. if you wait for fiscal cliff related pullback, you probably will do better and you know they'll give us a couple. bottom line, in this uncertain environment, there's nothing better than a good old fashioned turn around story. mgm gives you a three headed turnaround. clean up the balance sheet, vegas is improving, china is growing too. bet on mgm when the fiscal cliff looms next strike and this as well as all other stocks get hammered. craig in my home state of new jersey. craig? >> caller: how are you doing? >> what's going on, partner? >> caller: calling about expedia. the recent inquiry. how you feel about that? >> i feel really good about that. i follow this closely. expedia is a good partner of the inn that i own. i know how powerful they are. this consolidates them in europe. is it enough reason to buy expedia? i liked expedia beforehand. i like it even more now. shane in georgia. shane? >> caller: hey, jim. booyah from sunny, atlanta, georgia. merry christmas. >> same to you. i like the falcons here. i like them. i got julio. j.j. is on my team. he's done fabulous. i know he watches. thank you. go ahead. julio is a close fan of "mad money." >> caller: with the fiscal cliff looming and with today's pullback and available funds to be invested, las vegas sands is a fine sales to income growth in china, asia and nevada and with p & e of 26.9 in a buy recommendation reiterated today, is now the time to be on the las vegas strain? >> i like mgm first. i like wynn second and i like lvs third. there are very little distance between those. they are all good. thank you, shane. thank you for calling. things are waking up in vegas, friends. add that to its improving balance sheet and strength in china and you got the fiscal cliff blues, don't let them get you down too much because mgm is being brought down to prices where you can buy, buy, buy. stay with cramer. >>> it is time. it is time for the lightning round here on cramer's "mad money!" are you ready? we go to ginny in california. >> caller: one is what's happening with it and number two is i mistakenly put it in my i.r.a. before i knew we weren't supposed to. >> you're allowed to have a little bit. you have to go to your tax person on that. when you put it in, there's a limit before you get hit with that business tax. check that out. epd, they are all coming down. every single one is coming down. i want to buy. louis in maryland. >> caller: dunkin brands. >> i like it very much. i wanted to buy it for my travel charitable trust recently, but i own starbucks for that one. that's one that ginny mentioned at the top of the lightning round. brandon in oregon. >> caller: how are you doing today? >> it's a good day. how about you? >> caller: real good. my question is what are your thoughts on snap-on? >> it's one of my favorites. let's go to gregory in mississippi. gregory. wow, gregory. >> caller: thank you for taking my call, mr. cramer. my question is on company wr grace. techer symbol gra. it's had a good run this year. i was wondering your opinion. >> i have to save that one. i used to know grace and i'm not sure what's in it and stock is red hot. i vow to be bullish about it if i can find out more about it other than the chart. we'll do work on grace next week. let's go to jim in the little state of delaware. jim? >> caller: how are you, jim? what's your take on pandora, the big p? >> i don't want no pandora. i like to have companies that have a clear end game and that one doesn't have it. that's the conclusion of the lightning round. >> announcer: the lightning round sponsored by td ameritrade. >> yo, mad money. >> what's shaking? >> man, i lived in tents. let's go to karen in arizona. karen? >> what -- what -- you -- i'm sorry. the big -- >> booyah from beautiful wesley chapel. >> man, everybody is compared to where i'm from. i never say that. >> you're the sexiest man on tv, cramer. i'm always in the house of pleasure whenever i'm watching you. >> well, thank you. >> booyah from pittsburgh. how are you? >> i'm doing great. i have my pittsburgh steelers stoul. you, my friend, control your own destiny. >> so what did bob have to say about the action in goldman sachs? he thinks the technical picture frankly is down right beautiful. he's done what's known as a bullish crossover. that's where the black line -- i know this is difficult to see, but i've got keith going right to work here. this is a classic buy signal right here. believe me, classic buy signal. i'm lible to start a fire! you can't start a fire without a flame. this to him is like the metropolitan museum of art. like that other exhibit. meats. meat. this year, more farmers brought animals to market because of the drought. so some people are worried there might be a shortage of hogs come next year. hot links. kielbasa. i'd rather eat a cold corn dog. well, check that. listen, this tastes better than the dog food i ate my first year of the show. oh, man. puperoni. this is darn good. cold corn dogs. excuse me. sthoo >>> i always like to play devil's advocate here. the market is roaring. i say curb your enthusiasm. when the markets get pounded like we saw today, i try to be more constructive. that's why tonight i'm going to give you the over the counter investment fund. last thing you would think about. thursday night the house republicans couldn't whip up votes for their own fiscal cliff plan. speaker boehner says they'll be going on vacation without legislation. everyone assumes the fiscal cliff negotiations are done for the moment. suppose the newfound bears conventional wisdom is wrong. suppose if we don't go over the fiscal cliff or at the very least we get resolved with minimum destruction as i talked about at the top of the show. my super bowl see you in new orleans solution. i'm not saying this will happen. i'm saying this positive scenario is very much on the table. it has to be considered. and in that rosy okay things are all right scenario, good things could happen to our stock market in 2013. let's say you're an optimist that believes the fiscal cliff will be resolved and they rise above. what's the best way to play a fabulous bull market that some think could be unleashed? simple. assuming that everything goes right, the best proxy for the market in 2013 is the blackstone group. the big publicly traded asset firm. why blackstone? a company that i wasn't keen on. the company earns money investing other people's money. private equity funds. at the moment the company has $205 billion in assets under management. that's the difference between where the congress is it's so much. it's as good as it gets. everyone says that. when you see someone who in the business work at blackstone. they are a smart guy. that's the way it is. right now in this not so hot environment all of blackstone products are beating benchmarks. that matters. it's the end of the year. the business is good. in the last two years the company managed to raise 72 billion of new money from investors and greater assets under management, the more money blackstone makes from performance fees. this is how they're doing in an okay but somewhat troubled environment. now, let's think about this. suppose the fiscal cliff gets resolved quickly without wrecking the economy. i think washington is the only thing standing in the way of a worldwide surge in growth and profits. not just in stocks but also in real estate. if you take washington out of the equation -- my job would be so much fun. blackstone should zoom higher. first off, if the fiscal cliff does get resolved people will pull money out of bonds. they should pull them out of bonds any way because deal if small will be inflationary. they're more likely to invest in aggressive alternatives with higher assets under management. for those of that you don't know, the private equity where you buy companies using borrowed money and you fix them up and flip them a few years later by taking them public. over the past two years, blackstone brought eight private companies in its portfolio public and in the next 12 months, they plan on doing another eight. it goes without saying that if we're in a bull market next year, blackstone will be able to realize much higher price which is it brings companies that it owns are public. this is a vicious cycle down. it's a virtuous cycle when things go right. they'll do more deals to capitalize on market strength. people always want to play real estate. it's hard unless you can buy a house. you can play real estate with blackstone. since the beginning of the blackstone has put $16 billion into real estate, bringing the total real estate assets to $54 billion and they expect to monetize them in the near future. they buy assets that are in overleveraged situations that's how blackstone is one of the largest operator of hotel properties. and the largest institutional office space in the united states. they've been running out of office space and they have a ton of opportunistic investing when it comes to foreclosures. we're running out of homes. the better the economy is doing, hopefully from a bridge fiscal cliff, the more blackstone can get when it sells these properties. and then blackstone liquidity. of all assets they manage, they have performance fees on top of base management fees and these business performance fees are how you make the biggest money. down 127 billion. 66 billion or 52% is invested in earning performance fees. that means blackstone has 61 billion on sidelines they could put to work in a lucrative manner. right now blackstone sells for ridiculously low rate. they are the smartest people in the game. that's absurdly cheap. the reason it's so inexpensive is because while there are a lot of ways for blackstone to meet clarity expectations, it's opaque. maybe all of the above. in that happens, let's just say i'll admit i have not been a fan of blackstone. blackstone the stock. that's because the company chose to come public in june of 2007 at the peak for the stock market and the economy. to really do well a company like blackstone needs a thriving stock market so they can short the market. it can sell off private equity at good prices and that's the situation we'll be in if washington gets its act together and resolve the fiscal cliff before it's too late. after the super bowl is the drop dead moment where it's too late. here's the bottom line. it's counterintuitive on a day when everyone is fretting fiscal cliff negotiations have fallen apart but if we bridge the cliff without too much damage to the economy, we could have a good bull market in 2013. given all of the things that can go right here, remember this stock is only for you, those of you who believe that washington can only get its act together before it's too late if it's a loser. blackstone is a loser. if you're a pessimist about the talks and less about the country in general. "mad money" is back after this break. >>> i always tell you please to stay the heck away from battlegrounds. stocks where there's so much heat that you'll end up withering in no man's land and that's no place for you as an investor. this week we got not one, not two, but three battleground stocks that crushed people and it's worth reviewing how horrendous they can be for your portfolio. three of the most controversial stories out there right now and controversy is something you don't want in your portfolio. we isolated the smallest semiconductor company earlier this year as a terrific play on the big boom. mellanox reported astounding earnings beating what analysts were looking for and it doubled in no time. when the stock reached 120, the company announced the cfo was retiring for personal reasons. immediately dropped 20 bucks. we didn't care. we don't like owning stocks when the cfo leaves. we stuck them in the sell, sell, sell block. perhaps i was being paranoid. it was justifiable paranoia. the company reported inline quarter which started after the cfo left. moral of the story, it remains when the cfo unexpectedly announces his decision to depart for personal reasons, you must sell, sell, sell. and another one we put in the sell block was allscripts. the ceo said he would sell the company to bring out value. we said don't be tempted. don't own the stock for takeover purposes when fundamentals are lacking, right? then earlier this week the stock sold off sharply cut in half from when i told you to dump it. why? the sale was called off. no buyers. and he was fired. battleground moral, never buy a stock on a takeover business if the core business is weak. why would any company be interested in purchasing it? you shouldn't be, either. finally there's herbalife. a company that we had come to like over the years but had grown leery of lately because of questions about how it manages it sales force. we were concerned that the stock had a big run yet our friend herb greenberg was raising red flags about how the product ended up in consumers' hands. how much of it was in the consumers' hands versus ending up with newfound sales people brought in my other sales people that's the distribution model that herbalife uses. you don't go against him. his work is too high quality. too right too often. better to take profits and go elsewhere. who needs it? sure enough a famous money manager came on our air and said that herbalife is a fraud and will go down in flames. why hasn't the government shut it down? just tell the justice department if the ceo wants to stop him from attacking his company, why not sue him? more important though, i don't care who is right. i care about you not losing money. battlegrounds like this one must always be avoided because facts stop mattering and emotions take over. three stories. three battlegrounds. run from and not to the battlefield. you'll be a heck of a lot safer and wealthier if you do. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery.
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>>> hi, everybody. i'm thomas roberts. counting the days and pretty soon it might not be it. the new year and the so-called fiscal cliff. for the record, though, it's about 178 hours away if we're getting down to the wire. that's specifically. how much negotiating can be squeezed in to that little bit of time? >>> new numbers on whether exist consumers are buying less. >>> and just in time for the holiday, a christmas storm expecting to hit the midwest. when, where and how much snoi is expected. we bring the answers in minutes. >>> we start with optimism as a last words that comes to mind with the fiscal cliff and with just a week left for talks left, la lawmakers are saying a deal is looking less likely than ever. >> it's a first time i feel it's more likely that we'll go over the cliff than not. and that -- if we allow that to happen it will be the most coloss colossal, consequential act of congressional irresponsibility in a long time. maybe ever in american history because of the immaterial pact on almost every single american. >> what will happen to an average american paycheck in a deal is not reached by january 1st? joining me now, washington bureau correspondent hampton pearson. let's see what the average american will or won't be seeing in their pi check. >> reporter: i'm here for the lump of coal portion of the program. if there's no deal, let's look at what happens to tax rates in just seven days and these stats are from the tax policy center. the annual income from somebody in the $50,000 to $75,000, about a $2,400 increase. jumping ahead to $100,000 to $200,000, the average tax increase, $6,600. tacking at that great divide of the wealthy, over $250,000, at least a $11,000 tax hike. over $1 million, more than $254,000. >> hampton, looking at that number, that's for those americans working right now. there are still struggling americans, millions looking for work and what's the fiscal cliff mean for them? >> reporter: okay. we have unemployment at 7.7% last month and mainly went down because people gave up looking for work and jdropped out of th job market and out of work six months or longer. 4.8 million americans, they're the folks worried the most about unemployment benefits not extended after the first of the year. >> as we look at that number, that's staggering for so many. we have a "the washington post" poll that indicates 74% of americans support raising taxes on the top earners in this country. with that support there, the presidential mandate of re-election and the fact he ran on raising taxes if he was given a second term, why is there such this stalemate and trepidation in washington, d.c. to get a deal done? >> reporter: how many hours do we have? let me try it this way. there's a group of hard core tea party republicans but democrats say we won because as your poll shows most americans support the president's position on higher taxes on top earners and seemingly at this point about leverage rather than compromise, and frankly, a reluctance on both sides to have the first set of fingerprints on significant spending cuts, whether it's defense ovr entitlement program. >> thank you. and merry christmas to you and your team there. >> merry christmas to you guys. >> thank you. >>> in terms of politics and a deal, wyoming senator says he thinks that the white house want it is country to go over the fiscal cliff to give the president leverage. >> when i listen to the president, i think the president is eager to go over the clip for political purposes. i think he sees a political victory at the bottom of the cliff. he gets the additional tax revenue for programs, cut the military which democrats have been calling for for years and he gets to blame republicans for it. >> with me now in studio is democrat gerald nadler. that was john barasso. you are a watchdog for graphics. we put up the wrong graphic there. your reaction to the statement there that the president wants the country to go over the fiscal cliff, they think it's for better democratic leverage. >> that's nonsense. the president made extraordinary concessions to the republicans to try to go over -- to try to avoid going over the fiscal cliff. he promoezed that we don't tax -- no tax increase until $400,000, instead of $250,000. he proposed -- he said he would be willing to go with the republican demands for entitlement cuts cutting colas on social security which i think is obnoxious and will not vote for under any circumstances. he made a lot of concessions, too many. the republicans showed, though, when they voted against cutting taxes for 99.8% of americans, because they wouldn't allow taxes to go up for people above $1 million, they showed that it's very difficult to do business this w them. >> you said the president made too many concessions. >> i think so. >> were you more a fan of the $250,000 and less than that or -- >> i'm more of a fan of the $250,000 but mainly, mainly i would not vote for a nickel in -- under any circumstances for a nickel in cuts to social security benefits. >> so when we look at that and there are those on the right that say i won't vote for a nickel in revenue and then you coming on saying i won't vote for a nickel less than what people are getting -- >> on social security. that's nothing to did with the deficit. >> but the fact that all of these things need to believe in the grand bargain, sort to speak -- >> they do not. social security shouldn't even be on the table because it is nothing to do with the deficit. doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social security or for that matter medicare benefits. you can cut medicare in ways you don't cut benefits and the hypocrisy of republicans that said that democrats are terrible because they took $716 billion from medicare for obama care and what do we want to do? pocket the cuts and add more. our chief demand is entitlement cuts. medicare and social security. >> talk about the debt ceiling and where this is played in to this conversation. that is coming up in february or supposed to come up in february. john boehner made the offer to take it off the table for a year but i want to show what lindsey graham has to say over the weekend on "meet the press." >> the big chance for a big deal is that the debt ceiling. that's when we'll have leverage to turn the country around, prevent it from becoming greece and save social security and medicare and to anybody listening to this program, i'll raise the debt ceiling only if we save medicare and social security from insolvency and prevent this country from becoming greece. >> prevent this country from becoming greece. what is your reaction to that? >> absolute and utter nonsense. this country is not becoming greece. this country -- this country, frankly, has a big unemployment problem. we have a deficit problem in the short term, not the long term. it's not a real problem now. our bonds selling higher than before and lower interest rates. it's not an immediate problem. he's saying what's worse. what he is saying is use blackmail on the entire economy like a gangster. pity if it happens to blow up. not increasing the debt ceiling -- >> already did that before. they have done it before. >> they have. >> and will do it again. >> frankly, that is obnoxious beyond belief. the president should not concede or negotiate on that basis at all. >> the president is adamant on the fact that's not a part of this conversation. >> it cannot be a part of any conversation. the debt ceiling is not a question of borrowing more. you determine how much deficit you will have passing the budget two, three, four years ago. >> correct. >> to say you won't raise the debt ceiling is to say you're not going to pay the bills and wreck the economy. increasing the debt ceiling is not optional. we have raised it 77 times since world war ii. seven times in the bush administration. there's always been a demagogue ri but never until last year an attempt to hold the country hostage and the reason in the crisis with the fiscal cliff now is because that's a consequence of the bargain that was made to avert the catastrophe of not raising the debt ceiling last year and probably going over the fiscal cliff which, by the way, fixing in it a couple of weeks is not the worst thing in the world. >> retroactive fiscal cliff parachute? >> if it's decent within a few weeks is okay. >> okay. sir, great to see you. happy holidays to you and yours. >>> there are still some dreaming of a white christmas or bracing for tornadoes. may affect holiday travelers from texas to maine. weather channel meteorologist todd santos joins us live from atlanta with more. break it down for us the different systems you're watching and where the harshest weather hits for christmas eve. >> sure thing, thomas. yeah. it's evolving and began this weekend on the west coast with over 50 inches of snowfall in the sierra. watching the snow under the clouds back through western colorado and grand junction and then denver later on tonight and this point it's really still in the mountains. tonight and tomorrow, a chance for thunderstorms and eastern texas and southern portions of louisiana. talking more about the severe threat. you notice oklahoma city. even during the morning hours, a mix, switching to snowfall. there's wednesday. areas in purple with a chance of even some freezing rain and might be accumulating freezing rain. southwestern p.a. wednesday in to thursday. again, another big travel day. this is the timing of this system is very difficult. there's a look at it with rain in to southeastern new england. snow interior northeast. how much snow? we're saying high impact event. oklahoma city switching to snow tomorrow morning, 6 to 12 inches in the pink swath in indiana, and indianapolis and some of this snow coming late tonight, a little bit in northern pennsylvania and winds up, there's the total storm forecast of 6 to 12 inches. a huge part of interior and northern new england and certainly back in to the add n adirondacks. the thing to really know about is the potential for tornadoes. and it, of course, begins tonight with an isolated threat but working in to tomorrow, christmas day, most people aren't thinking about the weather but make sure you have a way to get the warnings here. everywhere in red, a chance of severe storms. the real potential is gusty winds and the stronging thunderstorms and tornadoes and a few area with southeast texas and louisiana, 5 out of 10 and a 50% chance of a tornado in 50 miles here and central and southern mississippi and alabama, 6 out of 10. a lot of things to watch here. folks along the gulf coast, want you to be attentive to severe weather. >> todd santos, thank you, sir. >>> if it's crazy to call for putting police and armed security in the schools to protect the children, then call me crazy. >> the head of the n ra under fire for the call for armed security at schools. what a million moms are saying about that. >>> plus, more gun violence as firefighters are trying to battle a blaze. >>> if it's crazy to call for putting police and armed security in our schools to protect our children, then call me crazy. i'll tell you what the american people, i think the american people think it's crazy not to do it. it's the one thing that would keep people safe. >> that's the nra ceo on "meet the press" yesterday doubling down on the call to arm our nation's schools and puts him at odds of most americans according to 49% saying it's more important to control gun ownership. 42% favor protecting 2nd amendment rights. i want to bring in shannon watts. as many people watched on friday, not only we saw the first reaction in the press briefing that wane lappeire and pressed and wayne is blaming everything but guns and opposed to any new gun regulation and wants to talk about the other possibilities of video games to hollywood to the media to actually arming schools. is this a point of a pr crisis for the nra, especially logically not to have guns in the discussion at all? >> well, unfortunately, i think they know exactly what they're doing. and at the end of the day what they're doing is trying to make a profit and arm everyone in the country and, you know, 80 million moms are not going to let 4 million members of the nra drive the discussion on this. you talk about waking a sleeping giant. i believe the nra has woken a very busy giant and that's the 80 million moms in this country and doing what we do best. we organize and protect. we won't stop until there's common sense gun poll laws at the federal and state level. >> there's an equation that goes in to this and talking about gun regulation as being a punlg factor in all of it, everyone from the left and right brought up whether there's other contributing factors. one senator was on this morning seeming willing to put all of these options on the table, but specifically, when it comes to talking beyond gun regulation. take a listen. >> we have to do everything we have. it will include looking at how many bullets do you need in a magazine in a semiautomatic weapon. and we need to talk about xbox 360 and wii and those games and how far down in this to children they're getting. we need to talk about movies and we need to talk about the rating systems. >> does she have a point, shannon? >> absolutely. we live in a very, very violent society. so the answer to that is not to increase the guns we all have. i think there's some distraction of the issue by the nra and they want us to look at other things and we should but that doesn't mean to take our focus off of the issue of gun control. and congress reconvenes on january 3rd. we are putting a huge amount of pressure on congress, legislators, on the nra. you can go to the website, 1 million moms for gun control.org right now and sign a petition and people are asking for gun control laws that we have crashed the servers many, many times and we are optimistic that, you know, after not doing anything, after aurora and gabby giffords and virginia tech, we will get some action this time. >> in 2010, the brady center to prevent gun violence gave president obama a "f" rating. do you think that now is the time for the president to be able to -- to control this issue in a more positive direction, when i talk about control this issue, i mean the sentiment and the emotion that goes in to all americans responding to what we saw in newtown. >> you know, i don't think he has a choice with 80 million american moms coming at him. we have done nothing before and hasn't worked. i think the nra and frankly many congressmen laid out what they see for us in the country where the bad and good guys are armed and duke it out over our kids' heads. we won't allow that to happen. we won't rest until we see that change. >> shannon watts, nice to see you. thank you. >> thank you. >>> are retail sales diving off the fiscal cliff? we'll talk about how the tax cut debate is impacting the recent christmas shopping economy. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? when you lost the thing you can't believe you lost.. when what you just bought, just broke. or when you have a little trouble a long way from home... as an american express cardmember you can expect some help. but what you might not expect, is you can get all this with a prepaid card. spends like cash. feels like membership. >>> senator mike crapo is apologizing for his drunk driving arrest. he said, quoetd, i'm deeply sorry for the actions that resulted in this circumstance. i made a mistake for which i apologize to my family, my idaho constituents and any others who have put their trust in me. i accept total responsibility and will deal with whatever penalty comes my way in this penalty and ensure that this circumstance is never repeated. crapo's blood alcohol level just over .1 and released on a $1,000 bond and scheduled to return to court january 4th. >>> former president george h.w. bush might be spedding the holiday in the hospital. the 41st president admitted to the hospital late last month with a bronchitis-like cough. doctors thought he would be home in time for christmas. >>> ted kennedy jr. is not running for the u.s. senate seat in massachusetts. he did not want to uproot his family from connecticut and not ruraling out a future run. that's because senator kerry is going to be going on to a cabinet post. >>> a new poll suggesting that americans are less enthusiastic of shopping this holiday season. 49% of americans expressing pessimism. joining me now analyst hetha pavulcar. will it's talk about what we're talking about this year. >> right. national retail fed case is expecting the holiday sales at 4.1%, up for the year and lower than last year's 5.6%. probably going to see about half a trillion dollars spent in holiday sales which seems like a lot but the number, the takeaway is less than last year. consumers and customers went gang busters on holiday sales. >> is this the possibility that the end of the year has seen the hurricane sandy issues and hit with that and also in the news cycle, massacre in newtown? peoples' spirits might be on the downside. >> right. to be quite frank, i mean, america's emotionally spent and i don't think they necessarily feel that they want to spend money on themselves. given everything that's been happening. rather give that money to people in need. >> seeing a spike in donations, contributions, charitable contributions? >> i think people are taking that money and donating it to chair it ritable contributions don't feel like spending. >> talk about the fiscal cliff. the uncertainty to witness ticking down to the end of the year and the, you know, people say that we might be borrowing from the future to think about the paychecks but basically people across the country have to consider the fact that the paychecks might take a hit at the first of the year. >> right. absolutely. hampton was on earlier talking about what will happen to those paychecks in terms of paychecks if we go over the fiscal cliff and a real concern here f. you look at the consumer, ten points lower than in july and for december 72 points. in july, it was 82. so we're seeing the sentiment decline over the last couple of months. also, consumer confidence at the lowest it's been in five months so really seeing that kind of permeate over the last couple of months and especially goins forward and we have also seen some mild weather over the last couple of months so especially in the midwest and the northeast so i think that's going to have something to do with the fact consumers aren't spending that much. >> you would think that because thanksgiving, we think back to november, fell earlier this year. >> right. we had more time to spend. >> we had more money spending and would think that the number would be a little fluffier. >> you would think. think about what was happening in those 31 days where people supposed to spend. people were recovering from sandy. all we have been bombarded with is negative news and newtown and i think weighing on the minds of the american consumer more than we think. >> thank you. appreciate your time. >>> president obama in hawaii with his family and fiscal cliff negotiations remain at this stand still. but could the president cut that trip short? we'll investigate after this. >>> hi. i'm commander ayers here in afghanistan. i wanted to say to my mom, dad and sister in melbourne, florida, happy holidays and i love you and miss you. see you soon. 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[ all ] i'm with scottrade. >>> here's a look at the stories topping the news for you right now. two firefighters have been killed, two others being treated for gunshot wounds after they were fired upon responding to a fire in upstate new york happening in the town of webster this morning. the christmas eve fire burning four different homes on that site and officials telling nbc news that the shooter is dead and unclear how he died. >>> military officials are investigating whether the commander officer of an s.e.a.l. team 4 committed suicide in afghanistan. 42-year-old navy commander job price died saturday. he was from pennsylvania. >>> the 94-year-old man nelson mandela is spending christmas at a hospital. officials have reported that his health had steadily improved and still uncertain how well because of his age. >>> more evidence of global warming. meteorologists saying temperatures in west antarctica warmed twice as fast as the global average up more than four degrees since 1958 and adding to concerns of rising sea levels. >>> while president obama is enjoying some sun and some relative relaxation in hawaii, last-ditch fiscal cliff talks await his return in washington this week. joining me with one of the luckiest assignments on earth, kristen welker. the beach has been filling up since the last time we got to speak. >> reporter: it has, thomas. a lot of people heading to the beach right now. not a bad assignment. you are absolutely right now. s a for the fiscal cliff talks, i'm told that there have been some fresh talks at the staff level but the hard work is not going to get done until lawmakers return to washington, that's expected to happen after the christmas holiday and at this point there's not a lot of time left and hopes for a grand bargain, president obama and house speaker boehner had been working on have all but evaporated right now. making sure that the steep tax hikes don't go in to effect. president obama on friday saying he would accept a deal as long as it does not allow taxes to go up on middle class americans, as long as it extends unemployment insurance and lays the groundwork for deficit reduction in the future. so there's sort of scaling back their expectations. house speaker boehner tried to get an alternative bill passed through the house last week. that failed. the focus shifts to the senate. reid and mcconnell will really be charged with trying to hammer out the fine details of that deal that can make it through the senate and through the house so that is the challenge moving forward. of course, president obama here in hawaii for his christmas cray case. he played some golf over the weekend. also, attended the memorial service for the late senator daniel inouye. thomas, on a much lighter note, he asked me had i taken my flip flops out last hour. i hadn't but i did since my work is wrapping up for you guys, flip flops are out and i'm ready to join those folks on the beach behind me. >> i'm very proud of you. i don't want to jinx this by talking about when you might have to pack but is there potential that the president may wrap up the vacation a little bit earlier than expected because of, say, harry reid and mitch mcconnell are able to work something out? >> reporter: i think that that is very likely. you heard president obama sort of signal that he's going to do that when he spoke on friday. he talked about the fact he'll be seeing everyone this week. we get the sense that he is prepared to cut the vacation short. i would not be surprised to see president obama heading back to washington, d.c. at the end of this week. thomas? >> set the sand on the soles as soon as you can. >> reporter: i will. >> merry christmas. thanks. >> reporter: you, too. >>> there are senators on both sides of the aisle saying that the best hope before the new year is a small and temporary deal that will at least buy americans some time. >> i think there's unfortunately only a small deal. i think we'll get past it but we have to get to the big deal. >> we can't let taxes go up on working people in this country. it is going to be a patch because in four days we can't solve everything. >> all right. let's dig in and talk more. joining me is lynn sweet and bob cusa cusack. lynn, i want to start with you. we hear kay bailey hutchison saying to see a patch or a stop gap deal. is there the possibility of a little bit of a band-aid for most americans before the fiscal cliff? >> i think absolutely. and i think also congress can buy a little more time if because, you know, what this deadline is congressional imposed so the band-aid over to january 2nd, the vote counting, 60 senate, 218 in the house is really -- this is the fine tuning that's going on to get these two big numbers in the deals and, thomas, i think then we have to think to get the patch, will it be bet tore have it slop over to the new congress in january 3rd or have the lame duck votes? i think even a patch may be a tough vote unless it's very, very broad so you have a few alternatives to go but at least if you're thinking small not big, there's a way out. >> all right. so reversing that, bob, thinking big not small, is the white house hoping to achieve some type of grand deal or is that just out of window at this point with so little time left? >> yes, thomas. i think any hope of a grand bargain this month is out the window. and the heavy lifting will be done, i agree with lynn, in 2013. with entitlement reform and tax reform. but number one, can you get a deal within a week? can it pass the house and senate and is that good enough for the credit rating agencies? could we have another downgrade to the nation's credit? watch the markets this week. that's a factor. if the markets are rattled, that will move congress. >> the conventional wisdom in this is that the president gains a leverage in this in the new year and perception being reality, the republicans' brand takes a hit on this. is that the real case with the president gaining that leverage and diminish getting in to 2013? if everybody's taxes go up as a result of no action by congress, then everybody's brand takes a hit because you will have everybody yunited against the white house and congress but i believe that obama still has an upper hand here because he has shown in a sense -- i mean, one, he's more ability to help forge a deal. the republicans can't make up for the loss they have had in public perception over this tax and spending issue. it's too hard, too far to go. too much resistance from within their own ranks. >> talking about plan "b" and being the epic failure of not being sent to the floor for votes, does that take in to question whether or not john boehner could get anything done if over in the senate mitch mcconnell and harry reid craft something? >> no. it does raise the question. that was a blunder by republicans and boehner and obama were moving closer and boehner went and gambled and lost and now the pressure's on the senate. i think anyone that could pass the senate probably could pass the house because if it passes the senate, it's 10 to 20 republican senators. mitch mcconnell, up for re-election. will he craft a deal with harry reid? that's dicey. whatever bill is passed, may not be that popular. raising tax rates and probably cut back on benefits so, remains to be seen if they can get 60 in the senate and 218 in the house. but boehner may have to put that senate pass bill of the 250,000 obama plan, he says that doesn't have the votes topaz the house. he may have to prove that. >> real quickly i want to shift gears here and talk about chuck hagel and the potential of him being put up to the cabinet level position of secretary of defense. and getting criticism from the left and the right, chuck schumer declining to endorse him yesterday on meet the press. i want to play for everybody what andrea mitchell also said on "meet the press." >> this white house cannot continue to float trial balloons and then not have them shot down. the president can't perceived to being rolled by opponents. the problem of chuck hagel with support in the foreign policy community is shot at from the left and the right. >> i want to put it to you, both. is this the pattern where the trial balloons are getting defeated? first we have susan rice and that was arduous. until she took her name out of contention whatsoever. and now we see chuck hagel kind of going through the same thing on the onset. >> i agree with andrea's analysis. obama now is in a bad position if he does put forth hagel's name and a fight on the hands and then ask why bother? find someone else. >> bob, is that the same assessment you would give or does the president need to say, you know what? if this is the person that i want this is the person that i've got to go for and let the chips fall where they may? >> i think a big picture is president obama wants to lower the temperature in washington and why susan rice's names is withdrawn. that would have been a fight. i don't think he's seeking needless points and vowed to change washington. that didn't happen in the first term and tired of the showdowns and the fights with congress. i think he'll avoid them if he can and a bad sign for chuck hagel. he is hit from the left and the right. that's not a good sign. >> my thanks to both of you. lynn sweet, bob cusack. thank you so much. >> thank you. >> thanks, thomas. >>> all right. so a sign of the times with this year's royal christmas. prince william will be spending the holiday not with his royal family at the middleton home with his wife kate and their family. the pregnant duchess was recently hospitalized for acute morning sickness and said that she wanted to be with her family for one last christmas before she becomes a new mom. >>> all right. a hollywood ending. why a few senators are criticizing the movie "zero dark 30." why the movie about the raid that killed osama bin laden is drawing such fire. [ male announcer ] with over 50 delicious choices of green giant vegetables it's easy to eat like a giant... ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant >>> we're still no closer to defeed defeating our enemy. >> 20 detainees recognize that photo. >> no birth certificate. no cell phone. >> your guy's a ghost. >> put down your rockets! >> all right. so that is a scene from the controversial new film "zero dark 30" about the hunt for osama bin laden and contains torture scenes and an implied connection of waterboarding of the cia and the information which led to the successful killing of bin laden. senators john mccain, carl levin and diane feinstein sent a letter to sony. amy davidson is a senior editor at "the new yorker" magazine and wrote a column about it. good to have you here. so the senators, they came out staunchly against the film after seeing it saying it's perpetu e perpetuating a myth. your assessment of the film? are they right that the movie takes a little creative liberty with the tortures a sne s s ss? >> it did and there was an open letter saying the head of the cia had deep troubles with the ill families and not accurate in the description of what torture did for the united states. the reason they felt the need to speak out was because this was billed as the big movie that the cia cooperated with and the pentagon. opens with recordings of people dying in the world trade center and saying it's based on actual accounts and saying it has that and then make the case we needed torture to keep us safe, that torture got us bin laden, you could see why that's department lie disturbing if as people who have seen the intelligence say it's not true. >> when we talk about senator mccain and all of us in the country know, of course, he is a war veteran and he was also a prisoner of war, and suffered through torture, during his time in the vietnam war, he said he felt sick watching the tortured men in the movie give up information about bin laden's courier. again, the movie claims this is based on firsthand accounts. so is the fact they took creative license the biggest point of contention? because they had facts but then now they have extrapolated dramatic essence from that to make the movie seem a little -- >> look. everybody expects them to take a dramatic license. the agents talk about dating and obviously there's dramatic license. the movie claims that the -- as a result of torture the cia learned the name of a courier, a key courier and that was the path to bin laden. there's intelligence saying they got it through other routes, from a detainee before he was tortured and what upset mccain is others and what they left out. they left out the real debate within the cia at the time about whether this was the best route, whether there were other ways to get the information and about whether it was morally wrong. in the movie, no cia agents are troubled by what they're doing except in saying it's a long day or -- but in reality, for example, in the movie, a detainee in put a box is size of a coffin and locked in it. and the agents on the scene are depicted as okay with that. in real life, when that happened a fbi agent who was on the scene had a fit, began yelling at the agents, threatened to have them arrested and said this isn't the way we do this or the way americans do this. so really dramatic confrontations about the moral issues that were going on there. >> is there anything that the senators in writing this, have they asked for anything in return? >> they have. they have asked that sony make it clear that it's fiction but what the senators really could do and the reason the movie is so powerful is so much is still classified so all we have is the movie. we have the movie giving us sort of a window on something we haven't seen and they could get more declassified. >> amy davidson, thanks so much. great to see you. >>> it's looking like christmas here at 30 rock. more about that after break. ] you know exactly what it takes to make them feel better. ♪ you make me happy [ female announcer ] that's why you choose children's tylenol. the same brand your mom trusted for you when you were young. ♪ how much i love you [ humming ] [ female announcer ] children's tylenol, the #1 brand of pain and fever relief recommended by pediatricians and used by moms decade after decade. [ humming ] >>> welcome back to msnbc, everybody. we want to invite you to stay with us throughout this holiday. that's going to wrap up this block for me but first from all of us here at 30 rock, we wish you the happiest of holidays and we really do wish you a merry christmas. >> happy holidays! >> happy holidays. >> and have a very happy new year. >> happy holidays. >> happy holidays. ♪ >> happy new year from andrea mitchell reports. >> from "news nation." >> merry christmas. >> merry christmas from "the cycle." >> happy holidays from the alex witt team. >> happy holidays from "up with chris hays." >> happy holidays. >> merry christmas. happy holidays. >> happy holidays from msnbc. >> happy holidays. >> merry christmas. happy holidays. ♪ >> happy holidays from the pas. >> from all of us at msnbc, her rekr merry christmas and happy holidays. >> merry christmas. happy holidays. >> merry christmas. happy holidays, everybody. ♪ >> hello. what a wonderful 2012. i'm looking forward to a fantastic 2013. happy new year. with aches, fever and chills- the flu's a really big deal. so why treat it like it's a little cold? there's something that works differently than over-the-counter remedies. prescription tamiflu attacks the flu virus at its source. so don't wait. call your doctor right away. tamiflu is prescription medicine for treating the flu in adults and children one year and older whose flu symptoms started within the last two days. before taking tamiflu tell your doctor if you're pregnant, nursing. have serious health conditions, or take other medicines. if you develop an allergic reaction, a severe rash, or signs of unusual behavior, stop taking tamiflu and call your doctor immediately. children and adolescents in particular may be at an increased risk of seizures, confusion or abnormal behavior. the most common side effects are mild to moderate nausea and vomiting. the flu comes on fast, so ask your doctor about tamiflu. prescription for flu.
FOX News
Dec 28, 2012 12:00pm PST
could determine whether or not our nation plunges right off the fiscal cliff. take a live look at the white house where president obama called the top house and senate leaders from both parties to try and hammer out a deal avoiding the tax hikes and crippling spending cuts. remember analysts say falling off the fiscal cliff could drive the u.s. into another recession. more than a month has passed since the last time they got together. the obama administration called that mid another meeting constructive but there has been little to no progress. today lawmakers on both sides of the aisle tried to strike an optimistic tone. >> millions of americans are out there struggling and certainly they deserve a congress that will avoid going over the fiscal cliff, which is why the president has been working hard to bring leaders together. >> we can't continue to kick the can down the road with half measures. i think the market will respond in a permanent and negative way to our inaction. >> the chairman of the senate finance committee says it comes down to this meeting adding i wish them luck. it
MSNBC
Dec 24, 2012 6:00am PST
the holidays and the president is on vacation in hawaii while the fiscal cliff creeps ever closer. will there be a big new years resolution? plus -- >> if it's crazy to call for putting police and armed security in our school to protect our children, then call me crazy. >> the head of the nra speaks out exclusively to nbc news intensifying the emotionally charged debate on gun control. it's monday, december 24th. welcome to this special edition of "m schsnb"msnbc." as for president obama and john boehner, they are miles apart. neither are them talking about the deal the country really needs. kristin, we were talking yesterday that there's a possibility the president was considering coming back early perhaps thshould they strike a deal of some sort. >> i think it's likely president obama will cut his vacation short. we haven't gotten guidance about when that is going to happen. the white house is calling this a working vacation, but the reality is that talks are largely deadlocked over the fiscal cliff. there have been a few conversations going on at the staff level but really the
FOX Business
Dec 27, 2012 12:00am EST
obama is set to fly back to washington in the next few urs to tr to scrape out a fiscal cliff deal but hope is fading fast. if that weren't bad enough, the treasury now says the u.s. will hit the debt ceiling on new year's eve. will this be a game-changer for reaching a deal? >>> plus as if the fiscal cliff wasn't bad enough, now critical ports across the u.s. could be brought to a standstill starting this weekend. we'll explain how a looming union worker strike could sink businesses across the united states. >>> the major sports leagues do a touchdown dance after a federal judge's ruling. their lawsuit to spike sports gambling in new jersey get as crucial green light but new jersey isn't taking it sitting down. details how that state is fighting back and preparing to give vegas a run for its money. even when they say it's not, it's always about money adam: thank you for joining us. we want to look first at the day's market headlines. stocks slid for the 30 straight session. mediocre holiday seas and deadlock over fiscal cliff gave investors little to get excited about. the dow fel
MSNBC
Dec 28, 2012 10:00am PST
last-ditch effort to avoid going over the fiscal cliff. >> getting a little more optimistic today. there's sometimes darkest before the dawn. >> right now we are at a stalemate because we haven't been willing to -- democrats haven't been willing to consider the issue of spend. >> there's some signs of possible flexibility but first of all, it would be helpful if the house of representatives came back. >> like it was a harvard law review just to show who is the smartest person in the room. we don't need the smartest person in the room. we immediate somebody to say all right, america, we need to deal with revenues. that's the bad news. we immediate to deal with the medicare fiscal cliff or you are not going on get your medical bills paid. >> remembering an american original. >> iraqis are dumb muff to attack her going to pay a terrible price. >> nicknamed stormin' norman for his ledgendary temper. he died thursday due to complications from pneumonia. >>> it is a year comes to a close, we look back at the amr moments that left us starstruck and speechless in 2012. >>> good day. i'm luke russert. live in washington, d.c. in for andrea this afternoon is the calm before the economic storm white house officials and congressional leaders have kept quiet. ahead of the pivotal round table discussions we all hope can produce some kind of plan to prevent a fiscal cliff dive in the new year. you guessed it. another day without a deal means more losses on wall street. look at those numbers will. 68 down for the dow. joining for the daily fix, nbc white house correspondent peter alexander. nbc's kelly o'donnell live on capitol hill. and jonathan capeheart. peter, let me start with you. there's this meeting at 3:00 p.m. at the white house between the president and congress allege leaders. any optimism there? there's some -- little bit of a trickle of maybe some sort of compromise deal with rates starting at 400,000 instead of 2 r50. how is the white house feeling about this meting coming up at 3:00? is this more important show? >> at the white house at least from the conversations we have had with aides and other members of the staff, it is pretty clear they recognize that this is a big deal. they also recognize that they think the ground rules remain the same. reporters like myself back to exactly what the president said a week ago was the fact that he wanted to extend the bush era tax cuts for those making less than $250,000 and focusing on the unemployment insurance for more than 2 million americans who are already receiving letters within the next days. as early as tomorrow, luke, they will stop getting those checks if nothing changes. it will be the last check they will get if nothing changes going forward. recognize the five who will be here in this private meeting will be meeting for the first time since before thanksgiving. so while the president said a week ago he was open to several steps to get a comprehensive package done, he said could it happen all at once, over the course of several steps at this point the most optimistic perspective coming from here is that they can make those small steps to get through the new year and have to relitigate this again in the beginning of the new year. >> wouldn't that be fun for all involved. kelly o., on the hill, tapped into boehner. they have been saying all along that it is up for the senate to act and the president to act and the house has done its will, washed their hands of it. what's john boehner thinking going into this meeting? what do they hope to get if anything from it? >> what i'm hearing more broadly, luke is that there are so many conversations going on right now. and there seems to be more interest in one of the ideas that boehner has talked about which is use what the house has already passed which would extend all of the tax rates where they are right now and then amend it. and part of what is happening here is what can be done in terms of the wheels of legislation, what can be done in terms of political will. lots of conversations are happening. what we are learning is that no new paper has traded hands, if you will, so no actual proposals have been exchanged. will are very substantive discussions going on between people who are at a senior level in these negotiations. looking at ways they can probably bridge thing divide. some of the things we have been talking about is put the income tax rates somewhere in the neighborhood of 400,000. deal with some of the other concerns about estate taxes. deal with unemployment been pits. there is a whole sort of menu list of issues that have varying degrees of importance to both parties and trying to pare down something passable. what i think is helpful is the parties are now in terms of the senate meeting now for sort of each party having a discussion going into these meetings today and -- there are some that say that could help to tee things up. if there is something that goes political open tinges at the 3:00 meeting at that time white house they may be able to move forward with something on paper. lots of encouraging signs if conversation were deal making we would be golden. but at this point nothing official has exchanged hands. but it could happen at any minute. >> you never know. it could happen this weekend, it could happen new year's eve. seems like they are trying to get to some point where the president could say hey, look, republicans, take this deal, better than what will happen in a pew days. jonathan capehart, i want to go to you. as we approach the fiscal cliff, approach the deadline, the president is still polls better than house republicans in terms of how they dealt with the crisis, better -- if this doesn't end up happening, who gets the lion's share blame, do you think, heading into the next year? will the president still be able to maintain his popularity? >> the president may take a little bit after hit on his popularity as everyone involved in process will p.m. but as you said, the president is sitting on very good job approval ratings compared to congress as a whole and specifically republicans. i think they will get the lion's share of the blame. and to touch on something kelly mentioned in her report about how one of the ideas being discussed is taking the boehner bill of extending all of the bush tax cuts, sending it to the senate and having them amend it, i don't see how you get -- how that would be welcomed among senate democrats because, you know, were would -- why would they vote for that? i think we should look as the -- you know, the cliff notes michael o'brien wrote on nbc news to see where congressional leaders in the white house land in terms of the number. is it 200 income above 250,000? or is it income above $400,000 as the president proposed last week? or is it some other number? the 3:00 meet sing going to be very -- aftermath of the 3:00 meet sing going to be very interesting to see and to hear what comes out of it, if anything. >> yeah. it is ball the threshold. what will be that number if -- is it -- good enough for the republicans willing to make a deal so that they don't have to take a worse deal in a pew days? whether or not they will understand that we will see. kelly o'don ol', peter alexan r alexander, jonathan capeheart, thanks for bog the show. >>> much of the impact from going over the fiscal cliff will be spread out over a period of months or even years. but millions will feel the effects as soon as the ball drops on january 1. payroll taxes will rise for 120 million working households. the federal law that extends unemployment benefits for 39 weeks will disappear leaving millions unable to file. doctors will see an immediate cut in medicare payments from the government. here to talk about this with us, jared bernstein who served as vice president biden's chief economist and now senior fellow the center of budget and policy orders. msnbc contributor. we thank you so much for coming on the show. mr. bernstein, i want to put up a graphic in terms of the literal impact going over the fiscal cliff. if you make $20,000 you will see tax hike of $412. if you are middle $, 40,000 to $65,000, average tax hike of fearly nearly $2,000 which is significant. is this being lost on the policymakers now? >> i think it is. i mean -- if you -- were really concerned about how middle income people are doing and howing the unemployed are doing, how the average person who depends on their pay paycheck, not their stock portfolio is doing, you quickly resolve these cliff issues so the tax rates don't revert to get you the results you just showed. very quickly extend unemployment. i mean, i thought the point that someone made earlier in the reporting was critical. there are millions, couple million, actually, of unemployed people who have been on the rolls already. we know that they are hurting economically. there are not enough jobs out there. it is not their fault. have you that. then, of course, payroll tax holiday as you mentioned, paychecks take a hit as well. >> we are starting to see signs of this within the markets. i'm going to put up this brafic. consumer confidence dropped from the 71.25 in november to 65.1 in december. that's four times the expected 1.25. this is -- quite significant. >> i thought it was significant as well. i think a lot of us in these beltway discussions walk around thinking that oh, nobody out there is paying attention to this. it is -- it is an inside baseball thing. i think the -- gridlock, political dysfunction, just your government is not working for you, really has pervaded public consciousness and you see that in the confidence numbers. consumers represent 70% of our gdp consumer spending. if we have -- employment benefits fading, paychecks taking a hit, if you have the tax burden going up, confidence. that hurts this economic recovery. now i do believe that -- this if it is a have quick trip off the cliff, kind of a bunky jump, i don't think those bad effects will necessarily take place in lasting way. it is very -- that's just a few -- >> you can't go three weeks like that. right. >> that's right. >> it has to be -- what's the -- what would you say the number? >> i would say -- i -- no, i would say, you know, a couple of weeks. i would say if we are -- if we are -- towards the end of january, and still squabbling, the damage will be felt in many of the ways we have been discuss. >> you had an interesting piece of advice important the president. you said, quote, if i were president -- this is what happens if -- if we go over the cliff. i would take the position all the givebacks he offered in the prom prom ice, higher threshold, chained cpi, new ril onin spending cuts, the debt ceiling still in play, are no longer on the table. do you think they will be that tough after going over the cliff? >> i think they might. some of the issues i think they would. when the president says i am not negotiating on the debt ceiling and the house had a chance to actually keep that leverage for them alive by kicking it down the road a year or two years in the president's offer, and they didn't accept that deal. the deal with the 400,000 threshold, the chain cpi, by rejecting that deal i believe that the president has every right to take the stance i suggested and i suspect he will -- especially on the debt ceiling. i believe him when he says i won't negotiate on it. >> he would rye to avoid the fight in february. this is a fight you believe would have zir implications to the economy. much more than the fiscal cliff. >> exactly. the debt ceiling is a cliff. the fiscal cliff is somewhat misname because as we said -- >> slope. >> slope. curb. go over and get back. it is not so bad. but, you know, there's no sort of we defaulted yesterday and today we are sort of undefaulting. it doesn't work that way. once you defaulted on your debt, i mean, you have really sent the world a message you are deeply dysfunctional and the president has said i'm not going to negotiate over that. i'm not going to allow that kind of threat to the credit worthiness of the greatest economy in the world. >> yet, that's where all of the republicans want to have their next fight. >> that's where they want to have the fight. give it to them or not. i suspect he won't. >> quite a few days followed by quite a few months. thanks so much for joining us. we appreciate it. >>> why do some washington power brokers want to go over the fiscal cliff? the political brief sing next. first, the amr moment of 2012 that left us all speechless. i'm not kidding. this literally left me speech weathers it happened. you will remember it. >> contraceptive thing, my gosh, it is such inexpensive. back in my days, they used bayer aspirin, they put it between their knees and it was not that costly? ? >> excuse me, i'm just trying to catch my breath from that. >>> this afternoon's meeting feels like optics, to make it look like we are doing something. let me say one more time, this is a total dereliction of duty at every level. i have been surprised that -- the president has not laid out a very specific plan to deal with this. but candidly, congress could have done the same. and i think that the american people should be disgusted. >> this's just four days until washington drives off the so-called fiscal cliff. something both democrats and republicans have called a worst case scenario. is temporarily going tv cliff is a best-case scenario for all parties involved? joining me now is maggie haberman. thank you for bog the show. >> thanks for having me. >> i want to play something that pat write murray said just a few days after the election from november. >> we just had an election where president obama ran on that. we increased our majority in the senate with democratic candidates who said that to solve this problem the wealthiest americans have to pay their fair share, too. so -- if the republicans will not agree with that, we will reach a point at the end of the year where all of the tax cuts expire and we will start over next year and whatever we do will be a tax cut for whatever package we put together. >> when senator murray first said that there is a lot of -- anger on the gop saying she's willing to take us over the fiscal cliff. even some democrats said it was too early to have that mindset. but it seems to be that's what a lot of democrats would now like to see so they can get the 250 number or bell go they certainly don't see the harm necessarily in this happening. or at least the downside doesn't necessarily -- outweigh the positives which is, as you described is the tax cut on the wealthiest earners at a certain threshold. i think that will is a difference between the two sides wanting to go over the cliff which republicans have said dash in part based on that statement that the democrats actively want to go over the cliff. i don't think that's necessarily true. i think that if there is a real danger for both sides in the short term if we go over the cliff because it is bad for the country and, therefore, that will be bad for everybody. that would be bad for the president. but it is true that democrats will be able to get, i think, more of what they want. i think it is worse for republicans. you know as well as anybody that the problems within the house gop caucus are pretty deep. those are going to continue. regardless of whether we over the cliff or not. i think republicans also -- as my colleague wrote today, see a lot of benefit in going over the cliff because then they will say we didn't approve the pre-cliff deal that would raise taxes. >> inertia scenario, essentially we will both to keep taxes down just a few days later going over the cliff. want to put something on the screen alex figured out today. the 113th congress -- this is, to me, where the whole game is. there will be six republican members who were r in democrat-friendly districts. 18 democrats in gop friendly districts. that to me is why we have this type of -- why we have nothing done. that there is nobody who doesn't necessarily have to worry about their job from someone coming at them from an opposite party. is that something that is unforeseen in american politics now? you covered it a long time. where folks are so willing to let the country, you know, go downing the tubes for the sake of winning a primary? >> i think it shouldn't be unforeseen but i think it crept up on people as the new reality. i think we heard a lot of talk about especially as it pertains to the fiscal cliff how few consequences there are in terms of inaction. the consequence is losing your seat. the consequence is losing your office. and so that is what these folks are the most concerned about. they are most concerned about a primary as -- we talked a lot about the issues on the right. the president is under a lot of pressure from his own base, too in teermt of entitlements and cuts republicans want as, you know, better than anyone. so, yes, i think that that -- stat where democrats in terms of gop friendly districts speaks as much as anything as to why not much is likely to happen. doesn't mean it won't. but not is much likely. >> you are someone that -- value -- i value your judgment in terms of seeing how the media is crafting the story. it seems the word today on friday is optimism, grows ahead of the 3:00 m. meeting. will is starting to be a leak out of the possible compromise deal. from where you stand now, do you think -- we are going have any type of compromise? is this thing going over? >> i personally think we are going to have some kind of a small-scale compromise. i realize i'm the minority on that. i think mostly because as i said, i think that the negative outcome for the president is -- real. i think it is a greater negative potential for republicans. if the markets open on wednesday and things are a mess and that continues for days and days and days, there are negative headlines all over the place and impact global markets. i just don't see how that is a positive for the president. >> t.a.r.p. all over again. thanks so much for being on the show. still ahead, remembering a war hero. general norman schwarzkopf. another amr moment from 2012. the race for the cure. another unbelievable piece of the. >> let me tell you what i was confronted with at the gym this morning. a woman came over to me. hi not met her before. gray-haired woman. probably in her 60s. she was wearing a gray t-shirt. she said look at my t-shirt. it is inside out. i put it on by accident today. i'm not going to wear it anymore. i have torn the label out. it is a a colin t-shirt. they are asking how could this have taken place? >> >> well, andrea, i frankly think, you know, i don't know. it is a mischaracterization of certainly our goals, our mission and everything that we do. and in fact, we haven't defunded planned parenthood. we still have three grants we committed to. >>> they started north carolina's foot steps clothing which had a booming christmas theme pajama line. not wanting to be just a seasonal business, they added other holidays and eventually expanded the products that celebrate family life. ♪ ♪ [ male announcer ] it started long ago. the joy of giving something everything you've got. it takes passion. and it's not letting up anytime soon. if you're eligible for medicare, you might know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they help pay some of the difference. and could save you in out-of-pocket medical costs. you'll be able to visit any doctor or hospital that accepts medicare patients. plus, there are no networks, and you never need a referral to see a specialist. so don't wait. call now to request a free decision guide to help you understand medicare. and which aarp medicare supplement plan might work best for you. there's a range to choose from, depending on your needs and your budget. and they all travel with you -- anywhere in the country. best of all, you'll be joining the millions who have already enrolled in the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. ♪ remember, all medicare supplement insurance plans help cover some of what medicare doesn't pay. and could save you in out-of-pocket medical costs. you'll be able to choose any doctor or hospital that accepts medicare patients. and you never need referrals. so call now to request a free decision guide and learn more. after all, when you're going the distance, it's nice to have the experience and commitment to go along with you. keep dreaming. keep doing. go long. >>> topping the headlines on "andrea mitchell reports," three police officers were shot ask injured today after a suspect opened fire at a new jersey police station. the suspect who is being held at the gloucester township station was shot and killed inside the building. two of the officers suffered graze wounds and were treated and released. the third was shot wise in the leg and underwent surgery. >>> russian president putin signed the bill banning u.s. citizens from adopting russian children today. the action could affect hundreds of u.s. families when it takes effect january 1. russia is the third most popular country for americans to adopt behind china and ethiopia. >>> former president george h.w. bush remains in the intensive care unit of a houston hospital today. in a statement his longtime chief of staff urged the to put the harps back in the closet. the former president is 88 years old and has been in the hospital since november 23 for a bad case of bronchitis. he has since suffered a series of complications. >>> the national weather service has issued a new winter storm warning for the eastern half of the country as a new system threatens to cause even more travel headaches throughout the region. this comes after more than 21 inches of snow and rain already fell in the northeast. record snowfall in arkansas has left nearly 200,000 people without power. joining me now is the weather channel's kelly cass. kelly, i'm here in washington, d.c. we are hearing warnings from d.c. to maine. don't drive on saturday. you know, hunker down. what's going to hit the east coast over the weekend? >> it will get messy, that's for sure. a lot of people are still trying to travel, get home from christmas or try to get to their new year's eve destination. right now it is looking good for travel along the new york state thruway. right down towards the beltway, washington, d.c. the snow that's falling right now in chicago and in parts of michigan and wisconsin, that's one storm system that's going to merge with another one developing along the gulf coast. you can see all of the heavy rain that's bringing -- being brought down in louisiana and portions of mississippi as well. there is a chance we could see isolated severe storms. moving into portions of ohio down towards evans i will have and pittsburgh by later on tonight. cold enough to support snow. temperatures just below the freezing mark. we have the cold their place here comes the snow into manhattan. we are thinking for you guys in washington, d.c., it may be more of a mix of rain and snow here. 32, pittsburgh. winds would economic as well. we will be dealing with quite a bit of snow important the mount theous areas and adirondacks and green mountains and on over towards maine as well as temperatures will be teens and 20s. wind will make it feel even worse and we are always going to have to watch out for the severe side of things especially closer to the gulf coast. >> it will make for an interesting weekend of football weather certainly. we want it cold for when the redskins beat the cowboys. remembering one of the greatest military giants of our time. general norman swharts cchwarzk. the 30-year-old law student who spoke out after being shut out in an all-male hearing on female contraceptives and turned it into a slot speaking at the convention. >> you were in our greenroom getting ready to come on. the white house now tells us we can reveal that you just got off the phone with president obama. >> yes, i did. >> mistaks stakes have been rad. >> he encouraged me and supported me and thanked me for speaking out about the concerns of american women and what was really personal for me was that he said to tell my parents that they should be proud and that meant a lot because rush limbaugh questioned whether or not my family would be proud of me. doing it with a cold, just not going to happen. vicks dayquil -- powerful non-drowsy 6-symptom cold & flu relief. ♪ no matter what city you're playing tomorrow. 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[ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. >>> thursday americans lost a man described as a hero by many. retired general stormin' norman schwarzkopf died due to complications of pneumonia. he was the military man behind the gulf storm. he's remembered by president obama as an american original and by former president bush as a goodman and dear friend. joining me now by phone are our msnbc military analysts, medal of honor recipient colonel jacobs. colonel jacobs, you were mentioning how innovative general schwarzkopf was. talk about that for us. >> one of the families of high ranking family in any walk of life is sometime this have a tendency to surround themselves with yes men because they are intimidated by team who are smarter than they are and more innovative than they are and worry about failing by comparison and contrast and schwartzkopf wasn't like that at all. he surround himself with very good people. among them at air force colonel named john warden who is the architect of the air campaign which made everything on the ground possible. the large majority of high ranking people would have been intimidated by somebody who thought outside the box like jordan warden did but not general schwartzkopf. >> you were working on the ground with general schwartzkopf. discuss strategy and how he did that during the con applicant. >> first of all, to add to jack's point, schwarzkopf was a man of unbelievable intelligence and volcanic energy and -- you know, i think soldiers loved the guy. but in retrospect, in history, what we ought to really recognize is that the combination of general schwartzko schwartzkopf, colin powell, the wonderful first president bush, all three of them were men who understood the limits of military power. and were cautious and actually didn't want to fight unless forced to and they did fight they used overwhelming force. schwartzkopf's contribution -- he was trying -- a lot of brilliant people. so-called jedi knights, bunch of army-navy marine air force young guys who came up with a strategy to not batter directly away at the enemy force. remember that iraqi army. fourth largest army in the world. it had thousands and thousands of tanks and artillery pieces. and if you look at our military history, frequently what we have had, you know, world war ii, the italian theater, korea, korean peninsula, just battering away directly at an enemy. schwarzkopf, when he unveiled that plan, i was a division commander, sitting in a room with admirals and generals waiting to hear what we were going to do and schwarzkopf personally briefed it when he pulled the cover off of the map, we gasped and said -- by god, this is it. it is a giant wheeling motion to the west to cut them off and instead of directly attack the enemy. magnificent soldier. >> something always strikes me about general schwarzkopf especially read being him now is that you know, after vietnam, the military went through a pretty dark time. not necessarily beloved by the public like they are now. and general schwartzkopf is very instrumental in being the public face of a sort of new american war hero that was not seen directly after vietnam. can you talk about that role he played? >> well, he see it is role. he was good at doing that. he was -- very smart guy with respect to the public relations and two things came together sort of sa-- the first was the revolution of the distribution of information that gave us 24-hour notice. and the second was norman schwarzkopf who led the briefings rather than have some flunky do the public affairs briefings at the end of the day to feel the press in on what was going on. he could control the information and he knew the -- exactly what was going to happen on the ground because it was his staff that put the plan together and so he exuded this confidence that only he could do -- he could exude and got everybody or most people on his side. he became the face of the military establishment which is, as you said, which had been terribly tarnished over a period of years and endeared not just himself to the public who saw him and even the press. the american people. which is far more important. >> colonel jack jacobs and mccaffrey, thank you for joining us with your thoughts on general schwarzkopf. >>> he is being remembered today on capitol hill even as lawmakers dig in for 11th hour negotiations on the fiscal cliff. with me now former pennsylvania democratic congressman and retired three-star navy admiral joe sestak who served as campaign press secretary for rick santorum. i want to get -- quick sfrons you about general schwartzkopf. you are a military man. it is remarkable to me while he was very much involved in desert storm, he was a little critical of the iraq war when no weapons of mass destruction were found the second time. >> i think that's because his legacy will be that he is a soldier's soldier. as was mentioned he knew when was the cost of this war. not only for the nation but individuals. if you remember that one briefing, mother of all briefings, one journalist said to him why isn't the marine corps going more quickly lou the mine fields and looked at that journalist and said have you ever been in a minefield? i have in viet ma'am. put each foot down not knowing if it will be blown off. he was cautious for the nation and for his men and women. what a great general. >> indeed. now we will take a turn to politics. obviously democrat and republican we have here and i will start with the republican. thanks so much for joining us. obviously there seems to be a little bit of optimism ahead of the 3:00 meeting at the white house. do you think that republicans are trying to get some sort of deal here perhaps get the threshold of 400,000, could they sell that to their conservative members? >> well, let's hope so. let's -- let's hope there's some movement of the balm down the field. and -- there has been so much emphasis on the 250,000 or 400,000 in terms of the tax rates. when we need to look at the spending. just for argument sake if we only look at the tax issue, if we give the president all of the tax rate increases he wants, we are still looking at trillion dollar deficits every year. and the reality is that the house has already sent would measures on to the senate. one addressed the continuing bush era tax rates and the other that would erase the military spending. those are in the hands of the senate. they can act on those right now. we can put this thing to rest. we will wait and see what happens in this meeting and hopefully we will come to some kind of agreement to avoid this cliff. >> what do you think the best thing to come out of this meeting? >> i think that speaker boehner and the president walk out and be able to announce they have a team in next three days that will have an outline in which -- alice just mentioned the details will be hammered out in the first would weeks in january. we have that amount of time to stop the fiscal cliff. if we go over the fiscal cliff $700 billion of spending will be taken out of our economy. we have to change the scale of that fiscal cliff to a slight gradual bunny slope. so that our economy won't be zero next year. that is in a recession which will occur if we take $700 billion out of it because of the tax increases and spending cuts. about 100 to $200 billion is all that we can afford to take out of it. then our gross domestic product will still grow at about 2.5% to 3%. that's the first step. then speaker boehner and the president come together. they are within $500 billion of step two. $3 trillion debt reduction. all he is there to do is come back and -- $2.5 trillion -- >> next ten years. >> that's where we need them to generate the political will that's right for america's economy. >> i want to ask you about political will. we look at he is mums and it seems there is a lot of republicans that are weary of the -- agreeing to any deal because of a threat of a primary. a lot of the folks in the house chop from conservative districts. barack obama is a bad word. they don't want any association with them. how much of that do you think is a real issue here and how do you strategize around that to sort of try to -- lift off this label of being intrasigient. >> from the gop side there are a lot of members in congress that say they do not want to support any kind of tax increase at this point. that prefer to go over the cliff and debate it in january. because they know it would harm them come midterm. but the -- fact of the matter is that -- every conservative in washington understands that we don't have a taxing problem. we have a spending problem. while this issue of viding the fiscal cliff getting past this is not going to be an easy issue to fix. but it is not complicated. we cannot continue to overspend more than we take in. so we immediate to address the spending. more than anything i think the republicans are look agent what's not in their personal best interests but what's in the best interest of the country. and the way we avoid further debt and deficit is to cut spending. >> will we hear -- their -- come up with debt limitations again the boehner principle for every dollar the debt limit is raised we have a cut in spending. that seems to me that -- where there is a huge ideological divide between both parties, republicans say the problem is about spending and democrats say it is all about lack of revenue, how -- how does -- is that bridged in this year? can it be bridged? >> yes, it can. both president obama and speaker boehner have already begun to do a principle compromise. speaker boehner said i'm ready to raise taxes on those over a million dollars. president obama said i'm ready to have a new type of chain to consumer price index which -- impacts entitlement reform. the bipartisan national debt commission, simpson-bowles commission, said for every dollar of spending reduction, including the entitlement reform we immediate to have $1 in tax revenue. that's the principle compromise we have to have. so they are not far off. what we have to have is very simple. $4 trillion in debt reduction by this one-third, two-third division. because that gives us a sustainable debt to gdp ratio so the economy can go booming again. so i believe those two men have the economies of our nation best at heart and have to come a little closer and a little $500 billion sounds like a lot. $2.5 trillion. we have to do both to have a principled come prom nice quickly, both of you, i start with you, do you think something gets done in the next few days? >> i'm afraid say that i don't think that we will avoid the fiscal cliff. i think we will go over and be debating this again in january and also i hate to say that, luke, i'm frayed your redskins will lose on sunday. >> more of a bills fan but -- i want them to beat the cowboys. we all hate the cowboys. lastly -- navy did beat army. so i'm happy. look, at the bottom line is we will go over 1 january with the fiscal cliff. but there will be an agreement in the first would weeks of january which will be fine in order to have the first step not of debt $4 trillion reduction but of getting that $700 billion fiscal cliff down to a gradual slope so our economy can keep accelerating of $100 billion in debt reduction and that's about all our economy can sustain. >> we will see how much the economy can sustain. thanks for joining us. up next, the cabinet shuffle. who ultimately holds the power as president obama builds a team for his second term? first the amr moment of 2012 that left us a little starstruck. that's andrea with bono. >> an exclusive rock star, humanitarian, global crusader against hiv-aids and poverty, bono is here. we are live in washington with bono. >> i think people are sending a message to this g-8 please don't let it be a talking show. we know iran is important. we know the euro is important. critically important if you live in europe as i do. actually, the idea of taking 50 million people out of poverty over the next ten years if that's possible, wow, after the stuff we have done on aides as malaria. that's the reason to get out of bed, mr. president. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. 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[ laughs ] hey! >>> a lot of advice these days but not a whole lot of consent when it comes to presidential cabinet appointments. what used to be an easy confirmation process has fast become bitter partisan battles between the white house and the senate. which often lead leave crucial areas of government without an important leader. it may have started with this contentious supreme court nomination a few decades ago. >> there is no room at the inn for blacks and no place in the constitution for women. in our america there should be no seat on the supreme court for robert bork. >> joining me now, national journal, jill lawrence who is out with a new article on congress' growing influence on presidential picks. thanks important being on the show. we appreciate it. >> good to be here, luke. >> we are seeing a level of blocking of the president's nominees for a cabinet position over the last three administrations that's unprecedented in history. i'm going to put it up the screen here. we have failed nominees. seven rejected by congress. 13 withdrew nominations. 20 in total. that's throughout history. entire history of this republic. look back over the last three administrations. search rejected or withdrawn. roughly a third have come in the last three administrations. why is it so difficult these days for a president to get their choice which is afforded to them by winning the election into a cabinet position? >> well, winning doesn't mean as much as it used to. i think it is a reflection of the polarization of the country in general. and just the -- sort of perfection of obstruction techniques in the senate by both parties. and, in fact, it makes a case for reforming the senate. but just in general, you know, there are people who are not just blocked after they ha
CNN
Dec 30, 2012 1:00pm PST
fiscal cliff is a colossal waste of time, an economic storm of our own making, and washington is searching for little more than an umbrella to protect you from it. thanks for joining the conversation this week on "your money." we're going to stay on the story till it's done. normally, we're here every saturday at 1 p.m. and sunday at 3:00 p.m. eastern. i'm on daily at 3:30 p.m. but until this is done, you're going to see a lot of me. tweet me, my handle is @alivelshi. we'll see you through to the end of this. have a great weekend. >>> hello, thanks for joining us, i'm martin savage at the cnn headquarters in atlanta. i'm in for fredricka whitfield. good to be with you. >>> fiscal cliff talks, we are at a standstill, 32 hours before we reach the edge of this press cis miss. senate sfleshts taken the time out to speak after the butting heads on two key issue, one involving tax rates, the other social security. ali velshi is in new york, dana bash is live on capitol hill. we will start with you, dana. what has gotten lawmakers now not seeing eye to eye? >> reporter: actually, let me
FOX Business
Dec 27, 2012 4:00pm EST
around surrounding fiscal cliff talks and the clouds overhead, wouldn't it be nice to take a vacation, even better, one that's priced well, a bargain. coming up travelocity senior editor lets us in on deals for new year's eve and what's going to be hot for 2013. looking forward to that. david: we just found out we will probably be working on new year's eve and so are the people in the white house. the president is back there, trading the heat of the sun in hawaii going to the heat in washington. steve forbes will be coming up later in the hour. shibani: we will tell you what drove the markets today with today's data down load. stocks gaining momentum in the last hour of trading crawling back from triple digit losses down about 150 points following reports that the house will return to washington on sunday, but that late rally wasn't enough to lift stocks into positive territory, with all three major indices closing lower for the fourth day in a row. materials, financials, amongst the day's top worst performing sectors i should say. new home sales surging to strongest level in more tha
CNBC
Dec 28, 2012 4:00am EST
fiscal cliff next week. >>> investors are bracing for the final eurozone bond sale of the year. italy will sell up to 6 billion later today. >> and the yen has been sent lower and stocks to their highest level in 21 months. >>> this is the final "worldwide exchange" from london of the year. louisa is here for it. >> i can't believe it. it's my last working day of the year, as well. >> is it? >> yes. >> unfortunately we'll still be talking about the same thing we're talking about now. >> although i feel we'll be talking more debt ceiling, as well. >> and speaking of which, president obama is trying a last ditch effort to restart budget talks days before the u.s. goes over the fiscal cliff. speaker john boehner has called the house back into session sunday evening. house majority leader eric cantor is telling his members to be prepared to work through january 2nd. both sides are still far apart on taxes and spending cuts. harry reid says prospect deals by monday are unlikely. minority leader mitch mcconnell says there's still time for an agreement. >> republicans aren't likely to sign a
FOX News
Dec 28, 2012 8:00am PST
along with harris faulkner. with just days to go until the fiscal cliff deadline president obama and top congressional leaders are set for a crucial meeting. expectations are low for a deal when house and senate leaders head to the white house this afternoon to meet there with president obama. lawmakers are increasingly looking at the period following the december 31st deadline we're told to come up with a fix to avoid massive tax hikes and spending cuts, affect lives of nearly every american many economists say could plunge the economy into another recession. chief white house correspondent ed henry live with the latest. so in this meeting, ed, is there any hope they will accomplish anything? >> reporter: well it is pretty low expectations, jon. what we're expecting when you talk to top officials of both parties the president will offer a scaled back plan, something he laid out lines friday before christmas here in the white house briefing room before he went to hawaii. where he said look, we have to scale back expectations. basically just extend middle class tax cuts. don't worry a
ABC
Dec 28, 2012 5:00pm EST
showdown over the fiscal cliff. we are four days before the deadline. top congressional lawmakers wrapped up a meeting with president obama at the white house. among the leaders, republican house speaker john boehner and senate minority leader mitch mcconnell. harry reid and nancy pelosi were there. steve chenevey live on capitol hill right now. >> that meeting at the white house lasted just a little more than an hour. they started at 3:10 and were done by 4:15. no major decisions were made. president, reportedly telling congressional leadership, if you do not have a better plan than i do by now, we need to get to voting on my plan. the clock is still ticking in advance of monday night's deadline. frustration being felt not just inside the capitol, but i constituents outside as well. >> i am a little worried about the future as well, for my kids mostly. >> it is a popular thought outside the capital. >> there is an understandable frustration. >> chris van hull and is hopeful a deal can be reached by tuesday, although it will likely be a smaller deal that addresses only the major p
MSNBC
Dec 28, 2012 8:00am PST
kick the can down the road, jeff, we'll do some small deal and create another fiscal cliff to deal with this fiscal cliff. >> just let the people's housework its will. instead of handing over the keys to the most extreme elements in the house republican caucus. >> a lot of people donnell realize he is blocking a vote in the house. >> i think in the end we'll get a deal. the question is the timing. >> i am hopeful there will be a deal that avoids the worst parts of the fiscal cliff. >> i want to bring you in and say good morning to sander levin. sir, it's good to have you with me. what is your expectations or thoughts about hear that the president and vice president joe biden are calling the four congressional leaders behind closed closed doors today. >> i am hopeful. i wouldn't say i'm optimistic, but i think confidence has gone down. i think the key is whether the speaker will be the speaker of the entire house and let the matters come before us where there could be a majority of democrats and perhaps a majority of republicans, but let es speak our will and act on our will. that's
CNBC
Dec 28, 2012 6:00am EST
to avoid the fiscal cliff. >>> the dow erases a 150 point decline on news that the house will be back in session on sunday evening. and time is rubbing out to avoid a strike at 14 major east coast ports. a work stoppage to cost the economy $1 billion a day. it's friday, december 28th, 2012. and "squawk box" begins right now. >>> good morning and welcome to "squawk box" here on cnbc. and it does feel like we're living a bit on the edge of the fiscal cliff, at least. i'm andrew ross sorkin along with joe kernen and becky quick is off today. our guest host this hour, ed kehone. he's the management associate portfolio manager and we are thrilled to have ed aboard for -- i think you'll be here for longer than an hour. you'll be here for the whole broadcast. >> as long as you need me. >> you're like -- how long were you at -- you were at prudential. >> it's owned by prudential, so i've been at peru don'tal for almost 15 years now. >> widely quoted. you know who has made a comeback is ralph -- >> akampora. >> i've seen him around. do you remember his nickname? >> i don't. >> whatever yo
FOX News
Dec 23, 2012 1:00am PST
happy story is next. later, the fiscal cliff is now just ten days away but how many of us even know what is fiscal cliff is? >>> it was like my first night night that i slept all night long without getting up and it was just the thought of not wondering what it going on with him, can any one hurt him tonight, you know, those kind of thoughts. he is eating and able to actually have a meal, you know. it is just -- i honestly can't totally process it, i think, until he is here. but we are days away. >> judge jeanine: any mother can relate to that. finally, some good news for the family of former u.s. marine jon hammar. he was imprisoned in mexico since august after being stopped at the border carrying an antique shotgun but is now going to be home for the holidays. the long ordeal ended with his release late yesterday. joining me on the phone is the attorney hammar family. thanks for joining us this evening. >> my pleasure, jeanine, thank you very much for having me. >> judge jeanine: it is our pleasure. first of all, let me say that you obviously did a fantastic job. you were in a pos
FOX News
Dec 29, 2012 7:00am PST
fiscal cliff so we've got chris wallace because he's watching everything coming out of washington and we'll keep you up-to-date on the changes. >> dave: right, 'cause the senate should convene at one o'clock and the house is get to convene. we'll get some leaking details of some sort of plan. >> juliet: and celebrity meltdowns, the top ones. did clayton make the list? should this one make the list? >> days left and maybe i can meltdown. >> dave: join us on the after the show show. >> they're still scrambling and we're all still waiting. wh but would no deal be better for the fiscal economy than a rushed deal. brenda buttner, bulls and bears. gary b smith, tobin smith. jonas max ferris. a no deal better than a bad deal. >> it would create more uncertainty or one of the deals they're talking about, which is raising taxes and now, and they trust us, we'll get to the spending cuts later on, let's not worry about that right now. the last thing we want to see is a weak-need congress and a weak-willed president patting themselves on the back because they have some watered down deal. i think
CNBC
Dec 28, 2012 3:00pm EST
fix on the fiscal cliff, but there are developments right now, as you know. brian just mentioning there. various congressional leaders and the president getting set to meet at the white house this hour to work on last-minute negotiations all in an effort to avoid those series of tax increases and spending cuts due to take effect next year. what we hear is the senate leaders are there. speaker boehner and minority leader nancy pelosi have yet to arrive, but now we're showing you live pictures. maybe somebody is going to get out of that car, and we'll see if any of the other leaders will be heading to the white house. this is speaker boehner right now heading into the white house. we'll keep you updated as this hour progresses here. >> indeed, meantime, more red arrows here on wall street as investors are awaiting for any signs of progress from the white house meeting which is about to get under way. right now we're sitting smack on 13,000. we've clawed back from being below that earlier on today. the nasdaq has also moved to the downside by half a percent as we speak. the s&p 500,
FOX Business
Dec 27, 2012 11:00am EST
information. stuart: elizabeth macdonald, it is all yours. >> the latest on the fiscal cliff crisis. why it is taking down the markets and white finding an answer, it always seems to come down to the last minute. the storm hitting the midwest and it is now hitting the northeast. oh canada, out of work americans are heading north to find jobs. top of the hour. time now for stocks. nicole petallides on the floor of the new york stock exchange. nicole: we are down about 72 points. the vix, the fear index, has an up arrow today. commodities are pulling back a little bit. i want to take a look at a name that is on the move. it is deckers. you may not necessarily know that you know what it is all about. you know uggs. it turns out they are quite popular. while that chatter has been around, they will give decker a pop. >> could merge with timberland. we will be back at you in 15 minutes. for the first time in nearly 40 years, between christmas and new year's, it comes as lawmakers continue to scramble to get a fiscal cliff deal done. rich edson has the latest. rich: they are considering legisla
CBS
Dec 28, 2012 5:00pm EST
an inch. >>> all right, a last-ditch meeting to avoid that fiscal cliff it appears has just wrapped up at that time white house. president obama called congressional leaders to the white house. the hope was he could hash out the framework for a possible deal. danielle nottingham joins us with the latest. okay, did they get it done, danielle? >> reporter: derek, we're just not sure what happened. all four leaders left the white house without speaking to the media. we can only assume that means this wasn't a productive meeting. top congress impressional leaders left the white house after a last-ditch fiscal k cliff meeting with president obama. the closed door meeting was an attempt to avoid the automatic tax headaches and spending cuts set to king at the start of the new year. with just three days to go republicans and democrats are still blaming each other. >> i want to thank all of you for being here to call upon the republicans not to drop the ball on the middle class. >> reporter: there was a new year's eve style rally saying the fiscal cliff ball is in the republicans court. >>
CNBC
Dec 27, 2012 4:00am EST
deal to avoid the fiscal cliff as the government starts taking steps to buy more time before the u.s. hits the debt ceiling. the yen hits a two-year low against the dollar as the new japanese government battles to weaken currency. exports are rising, pushing the nikkei to its strongest gain in 20 years. .shares of toyota are heading higher after the u.s. settled a class action lawsuit. the $1 billion payment is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fiscal cliff talks make it difficult to forecast next year's budget. among the measures treasury will take including suspending state and local government securities and investments in the federal emplo
CNBC
Dec 28, 2012 9:00am EST
quickly. just two trading days left until the cliff. and it's not just the fiscal cliff. wind farms and dairy are set to get hit. >> the ports of the east coast and gulf coast are bracing for a potential strike. the potential for this, midnight sunday with a shutdown threatening to threaten 20% of the cargo traffic. >> and instagram feeling the sting of the flap around privacy with users, fleeing the site. how will this impact facebook? >> as we mentioned, dennis berman, "wall street journal" market place editor is joining us here on set once again for the next hour. good to have you back, dennis. lots to talk about between the cliff and other news. >> three days before the u.s. goes over the fiscal cliff, congressional leaders will meet with the president this afternoon. i remember standing on the white house north lawn last month, after leaders met with the president back then. things looked pretty promising. here's what they said after that meeting. >> i believe that the framework that i've outlined in our meeting today is consistent with the president's call for a fair and balan
FOX Business
Dec 22, 2012 8:00pm EST
the proposal on the fiscal cliff has embarrassed the speaker, but the speaker's failure means a solution to the fiscal cliff is, if they're going to be one, now resting squarely upon president obama. arsine to be vacationing president alone cannot propose gislation that wins majority support in both the house and senate, and the decision to go over the fiscal cliff now depends on his ability to successfully negotiate and to forge a compromise that appeals to both republicans and the far left in mr. obama's party. the president metwith senate majority leader harry reid this afternoon and talked with speaker boehner to begin anew that effort to reach compromise. >> averting this middle-class tax hike is not a democratic responsibility or republican responsibility. with their foes the american people have determined that governing is a shared responsibility between both parties in this congress laws can only pass with support from democrats and republicans, and that means nobody gets 100 percent of what they want. lou: there are only ten days remaining tothe fiscal cliff. president
MSNBC
Dec 26, 2012 9:00pm PST
is what washington calls the fiscal cliff. you've been hearing for months now about the cliff crisis. you've heard a lot about whether or not it will matter, you've heard about the offers and the counteroffers president obama and house speaker john boehner put on the table. if you live in the game area, you're going to be reading about the cliff whether you like it or not. we at starbucks have an opportunity and i believe a responsibility to use our company's scale for good, by sending a respectful and optimistic message to our officials to come together and reach important ground. this week, through december 28th, partners at our washington, d.c., area stores are writing come together on customer's cups. i am hugely in favor of this new starbucks initiative. not because i think writing come together on coffee cups will bring anybody in washington together, i have an embarrassing coffee order, i'm hoping they will write over my order and people won't judge me. >>> i want to step back and give you five things to remember this week. think of it as fiscal cliff notes. number one, there
FOX News
Dec 27, 2012 12:00pm PST
majority leader harry reid and john boehner exchange harsh words. the fiscal cliff in just five days and still no deal. the winter storm that slammed the south is now stranding thousands of travelers in the northeast and beyond. that is coming up. >>> and the russian president vladimir putin says he will sign a bill banning americans from adopting russian children. that's all ahead unless breaking news changes everything on "studio b." i'm trace gallagher in for shepard smith. first from fox at 3:00, back to work in washington, d.c. with less than five days to go before falls right off the fiscal cliff. the senate back in session today and it's the first time the senate or house has met for business between christmas and new year's in more than four decades. president obama cut his hawaii trip short arriving in washington early today. for now, the house of representatives is not in session but we've learned those lawmakers are set to return this weekend. today the senate majority leader, harry reid, says we've just about run out of time. >> if we go over the cliff, and that's where w
CSPAN
Dec 30, 2012 7:00am EST
from going over the fiscal cliff leaders have been working for the weekend to craft a compromise that can be agreed to before midnight tomorrow. it is now all but certain that any deal will be a far cry from the grand bargain that many leaders once imagined. as we take you through all the latest on the "washington journal," we would like to hear what you would like to say to congressional leaders on this 11th hour deal. what tax and spending issues do need included in any compromise. republicans, your number is -- democrats -- independents -- if you are outside the u.s. -- you can also catch up with us on all your favorite social media sites, twitter, facebook, or e- mail us. a very good morning to you. taking to the latest headlines on the fiscal cliff. i will run a few -- through a few of them for you. from "the daily news" -- also "l.a. times" -- i will take to "a "boston globe"" -- "the boston globe" -- the new york post -- the story i want to start with this morning is from politico. that line is -- senate leaders are headed into a critical sunday session of congress with a simil
CNN
Dec 29, 2012 4:00am PST
. >> uncertainty over the fiscal cliff is having a ripple effect from washington to wall street. u.s. stocks ended the session on friday in the red for the fifth straight day. a triple digit loss for the dow which tumbled 158 points, the nasdaq lost almost 26 points. the s&p 500 shed almost 16 points. and the gridlock in washington could help the current congress make history as the most unproductive ever. it's amazing. a review by the huffington post shows 219 bills have been passed this session, that's compared to 383 bills passed by the previous congress, and 460 by the group before that. now, to avoid the distinction, congress needs to submit about 100 bills to president obama over the next few days. something tells me they're not going to be able to do that. but there is one thing the senate has been able to agree on, getting aid to victims of superstorm sandy. by a 61-33 vote, the chamber passed the measure offering $60 billion in help. it heads to the house which must approve the bill by thursday or else the process has to start all over again. at least 113 people were killed when superstor
FOX News
Dec 26, 2012 1:00pm PST
. read the headlines and they say the president is giving up his vacation to negotiate a fiscal cliff deal but is something he said before leaving for hawaii leaving room for negotiations? what are we talking about? set it up. >> the president is heading back to washington to attempt a last ditch effort with speaker boehner to forge compromise to avert the fiscal cliff which will kick in in about six days if nothing's done. those are the headlines. everyone talking about cutting his vacation short. the question is there anything that can be done? they were at an impasse before christmas, the republicans and house imploded and it's a tight spot. i suspect if there's a deal, it will be unpalatable for everyone. >> there was a interchange before the talks broke down. we have the quotes. john boehner said to obama, quote, i put $800 billion in tax revenue on the table. what do i get for that? allegedly we understand president obama came back to him and said, you get nothing. i get that for free. you get nothing. >> there were a couple eye-opening quotes. a "wall street journal" story before ch
CNN
Dec 27, 2012 8:00am PST
, very pessimistic about getting anything done before we reach that fiscal cliff. listen to what he said. >> the speaker just has a few d days left to change his mind, but i have to be very honest, mr. president. i don't know time wise how it can happen now. >> let me kind of lay out the state of play. i'll try to keep it out as much as possible. this is something everybody is focused on. the ball is in the senate's court right now. so what senator reid, who you saw earlier, and the president, what they are trying to figure out is whether or not they can craft what the president called a scaled-back bill, which is what he campaigned on. raising taxes for everybody making more than $250,000 a year and adding a few other tax-related items in there. maybe spending but it's unclear. the question is whether or not they can put all that together in a way to get enough republican votes in order to pass the senate and then would have to have enough votes to pass the house as well. whether they can do that in the next few days is an open question. >> just procedurally too, that takes time. a
MSNBC
Dec 27, 2012 12:00am PST
have to do the right thing. >> six days away from the fiscal cliff and there are real consequences to millions of americans if no deal is cut. congressman elijah cummings and ryan grim of the huffington post are here with the latest. a tea party giant stages a coupe with his own office. the details on dick armey's hostile takeover. the nra is catching heat from all directions. >> i don't think the nra is listening, i don't think they understand. >> georgetown university law professor, david cole on the growing drumbeat against the nra. >>> six days until the price of milk shoots up to $8 a gallon. why house republicans are take ing america to the dairy cliff. >>> and civil liberty groups take on torture in zero dark thirty. >>> if no deal is reached, the nation will go over the fiscal cliff in a little more than five days and house republicans are doing nothing more than posturing. president obama is flying back to washington tonight from his christmas vacation in hawaii to make one last attempt to get a deal before midnight new year's eve. the senate is returning and will be in se
FOX Business
Dec 24, 2012 11:00am EST
. dennis: i'm dennis neal -- kneale. dagen: is it the fiscal cliff fears that have shoppers down this season? retailers are reporting slowing sales over the last couple of weeks. dennis: a woman fired for being too attractive and a supreme court says it is legal. dagen: i will bite my tongue because it is the top of the hour and stocks now and every 15 minutes. nicole petallides at the new york stock exchange. hey nicole. nicole: i look forward to hearing more about that particular story as i watch the stock market here, i do see the dow is down about 1/3 of 1%. majority of the dow components are lower. it is december 24th. there are kids running around here. it's a very random day on wall street. the traders will get together and sing the traditional song which represents hope back in the early 1900s. some names are weighing heavily here on the major averages. a couple names squeezing out gains like alcoa and home depot. let's take a look at the retailer jc penney. you do see it doing particularly well here. oppenheimer has talked about the fact that there's traffic. there's people g
ABC
Dec 28, 2012 11:35pm EST
only 72 hours to go until the nation could careen over the so called fiscal cliff, we do the math to tell you how it could affect your bottom line. >>> from the global resources of abc news, with terry moran, cynthia mcfadden, and bill weir in new york city, this is "nightline," december 28th, 2012. >>> good evening, i'm terry moran. well, with all of the expensive airport frenzy at the holidays, your travel dollar might not feel like it goes as far as it used to, but tonight you're going to meet some everyday travelers who found ways to fly literally around the world in first class luxury for next to nothing. that sounds too good to be true? maybe it's because you've never seen the extreme measures these folks are willing to rack up frequent flier miles. here's an encore presentation. >> reporter: this is where rick gets to go practically for free whenever he goes flying. to the front of the lie at the check-in counter. to the first class lounge. to seats like these at the front of the airplane, first class and business class. and the places he and his wife have gone together, such
CNBC
Dec 24, 2012 12:00pm EST
? i mean, you're waiting to see what happens with this fiscal cliff? >> i am. i tell you, i think that the christmas gift people are getting right now is to sell above 13,000. we were surprised we're not getting a deal. i'm surprised the market's as firm as it is and it is very easy to overthink this. well, must be firm. the bulls are strong. hey, we go higher. i think that's not the read at all. i think the initial reaction we got when they sent the house of representatives home on thursday night is what we're going to see when they don't get a deal done to the end of the year. i think there is no way. >> you think the market has it wrong here by being this high. >> i do. i think ultimately we're being tropical depression up by the 90 billion a month in fed liquidity but i think that comes home to roost probably as we get closer to the end of the year. the only way we have a shot to get a deal at the end of the year or maybe even early in january is if we have market pressure. right now the market is supplying no pressure to these politicians. so there is no reason for them to do
FOX News
Dec 27, 2012 7:00pm PST
. happy new year. >> you bet. >> that's all the time we have left for the special fiscal cliff edition of hannity. thanks for being with us. let not your heart be troubled because the news continues and greta is standing by to go live on the record. greta, take it away. >> this news alert. an emergency meeting tomorrow at the white house. president barack obama, speaker of the house john boehner, house minority leader nancy pelosi, harry reid and mitch mcconnell. can they make a deal or can they do their jobs or is this just more political drama? >> we want an agreement. >> the count down is midnight. the start of a new year. >> we are going over the cliff because frankly i believe it's what the president wants. >> the american people are waiting for the ball to drop, but it's not going to be a good drop. >> but we have no takers. >> every republican, every democrat ought to be here. >> the phone never raining. >> they should negotiate a plan. they shouldn't have the mine are in plan, they should have the biglan. >> here we are five days from the new year, and we might finally start ta
FOX News
Dec 23, 2012 9:00am PST
. >> peter doosey, thank you very much. >> the fiscal cliff is looming and now the president has gone home for the holidays and left for hawaii without a deal in place. with nine days left now, is it too late? remember the house budget committee marcia blackburn joins us now. congressman thank you for joining us. >> sure. >> before we get underway, i would love to play for you. play for you right now the president's words just before he departed on his hawaii vacation. here he is. >> so as we leave town for a few days to be with our families for the holidays, i hope it gives everybody some perspective. everybody can cool off. everybody can drink some eggnog and have some christmas cookies and sing some christmas carols and enjoy the company of loved ones. >> and then, congressman, just after he said that senator jeff sessions of alabama said this, and i shall quote, president obama today gave another speech about the fiscal cliff, no plan, nothing that can be scored or analyzed, just another speech. if president obama wishes to avoid the fiscal cliff then he with all of the power
CNN
Dec 29, 2012 10:00am PST
off that fiscal cliff. the deadline's tuesday. if the deal isn't reached, taxes will go up on just about everybody. and massive spending cuts will kick in. >>> in india, the young woman gang-raped on a new delhi bus is dead. doctors say she died peacefully at that singapore hospital where she was being treated. authorities plan to add murder charges against the six suspects arrested in that rape. the charges will be filed thursday. angry protesters have been demanding justice and more protection for women. and police expect more demonstrations in the days to come. >>> four people are dead after a plane crashed at the moscow airport. four others were injured. eight people were on board, all of them crew members when the plane overshot the runway. don't go away. at 2:00 p.m. eastern, the top stories of the day including that growing outrage over russia's adoption ban. hundreds of americans are frantic after being told their adoptions are not going to go through. we'll also take a look back at the year in politics and the fierce battles the unexpected alliances and of course the best
CNN
Dec 30, 2012 2:00pm PST
elected officials accountable in realtime to do their jobs. we shouldn't be in this fiscal cliff today. we shouldn't have had sequestration and automatic cuts. we shouldn't have had the debt controlling debackle. all that was manufactured by the united states congress. and so i'm sanded by where we stand. >> can i ask you this is with all respect is there a concern that perhaps you're almost bailing at a time when your moderation is needed most? >> i think it is important to have centrist voices in the united states sales in the but given the fact that i have spent 34 years in the united states congress, i thought that in looking over the next six years whether or not it would appreciably change, i didn't think so. i thought it was best to contribute my experience and insiders a voice to match the outsider's frustration and to talk about how it can change and how it used to work i don't see how it changing on the short term, given the partisanship, polarization, putting the political parties first around not the country's interest first, the outside groups that you perpetuate division,
CNN
Dec 30, 2012 3:00am PST
"early start weekend." what do you want to tell congress about the fiscal cliff? we'll have your video messages. >>> the woman accused of pushing a man in front of a subway is now being charged with a hate crime. now she's saying why she did it. >>> wow, a plane crash caught on tape, the story. hind this dash cam video of an exact moment a jet slammed into an overpass. >>> it's sunday, december 30th, good morning, i'm allisison kos. randi kaye is off today. we're going to start this morning in washington where all eyes on capitol hill as lawmakers try to work out on a deal to avoid the fiscal cliff. the deadline is less than 48 hours away and as to whether they can get it done, the president says he's hopeful. >> i'm modestly ll lly optimis an agreement can be achieved. let's make sure that middle class families and the world economy aren't adversely impacted because people can't do their jobs. >> both houses of congress are meeting in a rare sunday session. the house an hour later at 2:00. our chief white house correspondent jessica yellin now with the look at a chance for a deal and
MSNBC
Dec 28, 2012 11:00am PST
hour away now from the late es effort to avert the so-called fiscal cliff. the three-way stare down between the white house, the senate, the congress moves to pennsylvania avenue. president obama meeting behind closed doors with house speaker boehner, senate majority leader harry reid and senate minority leader mitch mcconnell talking about doing something to keep more than trillion dollars in tax increases and cuts from taking effect next week. also joining that party today, america's happy warrior. vice president joe biden will be there. while some appear ready to compromise others are still ducking, dodging, trying to dump the blame elsewhere. >> we all have our ideas and in the senate, you're right. we probably another 40, 50, 60 of saying that we're ready to both raise revenues and control entitlements. when's the missing ingredient? it is presidential leadership. >> i think in the end we'll get a deal. the question is the timing. >> am hopeful there will be a deal that avoids the worst parts of the fiscal cliff, namely taxes going up on middle class people. >> it's pretty appa
MSNBC
Dec 27, 2012 1:00am PST
things to remember this week. think of it as fiscal cliff notes. number one, there is a giant misconception to clear up. the thing people call the fiscal cliff, it equals too much austerity too quickly. this drives me up the wall. people seem to think the fiscal cliff is fix the debt. the problem with the fiscal cliff, the thing we're trying to avoid, the actual danger to the economy, is that we will get too much deficit reduction too quickly. if reducing the deficit was what the economy needed we could go right off the cliff and leave it there. you can see it in this graph, that line going down. that is the fiscal cliff, we went over our deficit problems, gone baby, totally, totally gone. one thing the fear of the fiscal cliff shows by the way, in the fox hole, everyone's a kinsian. everyone agrees. that is number one. too much austerity way too quickly. president obama is not asking for that much in taxes. it's worth getting a bit of perspective in here. you'll be shocked to know, we got a graph for that. here's what happens if we go over the cliff. you get more than $5 tril
FOX Business
Dec 26, 2012 11:00pm EST
vacation to negotiate a fiscal cliff deal but is something he said before leaving for hawaii leaving room for negotiations? what are we talking about? set it up. >> the president is heading back to washington to attempt a last ditch effort with speaker boehner to forge compromise to avert the fiscal cliff which will kick in in about six days if nothing'ss done. those are the headlines. everyone talking about cutting his vacation short. the question is there anything that can be done? they were at an impasse before christmas, the republicans and house imploded and it's a tight spot. i suspect if there's a deal,t will be unpalatable for everyone. >> there was a interchange before the talks broke wn. we have the quotes. john boehner said to obama, quote, iut $800 billio i tax revenue on the table. what do i get for that? allegedly we understand president obama came back to him and said, you get nothing. i get that for free. you get nothing. >> there were a couple eye-opening quotes. a "wall reet journal" story before christmas that went through the timeline of how this happened between paine
FOX Business
Dec 26, 2012 1:00pm EST
tough start. early numbers point to a tough season. tracy: a nice and shiny fiscal cliff. president obama cut his vacation short. we are tracking where it is headed next. we are expecting negotiations to continue tomorrow. there is talk now that that may not happen. time to head down to the new york stock exchange with nicole petallides. nicole: merry christmas to everybody. the vix, the fear index, has been to the upside. whether or not washington will solve the worries about the so-called fiscal cliff approaching quickly. here is a look at the dow. 13,100 even. most of the dow components are under pressure. hewlett-packard doing well and bank of america in the financial round. it really is being laid upon by the retailers. i no adam shapiro will add on to that. there is a look at some movers. michael cores down over 6%. tracy: i was in the balls this weekend. lori: crowded theater not like i thought it would be. adam shapiro in the newsroom with the details. i thought it was way busier last year than it was this weekend. >> no. here are some numbers. for the period of october to e
CNBC
Dec 26, 2012 9:00am EST
president cuts short his hawaiian vacation to deal with the fiscal cliff, just five days to go until we go over. >> threatening both coasts with workers snubbing up best and final contract offer. >> and more on the home front. we'll have more on the data and whether it can keep one of the best performing sectors of 2012, home builders going in 2013. >> data showing what some experts say is the slowest growth in spending since the 2008 recession. according to mastercard, spending polls units through christmas eve, retail sales rose just .7% from the year before. the national retail federation says it is forecasting a 4% jump in sales. we'll continue to get trickles of data as we progress through this last week. it is still an important week, the final week before the new year in terms of retail sales for these guys. >> historically positive the last five days of the year and blends into the first couple of days of the new year. generally get a nice year-end effect. we'll get claims tomorrow. new home sales tomorrow. chicago pmi on friday. but this idea that retail is soft, was it the
FOX Business
Dec 28, 2012 1:00pm EST
hear somebody in washington say something about fiscal cliff, and then we'll move on that news, but traders are saying if we get a deal done, we'll see the market take off. we have not seen a santa claus rally this december, unfortunately, and, in fact, the nasdaq lower. stocks lower, by the way. here's the new york stock exchange, three stocks trading down for every one trading up. another thing trading up a the vix index. it's 20.18. the vix has traded below the two decade average, and that's not happened this month. we broke that trend. we have an uptick in the vix now. adam, back to you. adam: the question of the day, are we closing in on the deadline and potential plan to avert the fiscal cliff, about this afternoon's meeting between the leaders, and expectations between a deal are not running as high as they were back in november. remember this? >> i believe we can do this, avert the fiscal cliff that is right in front of us today. >> this is not something we are going to wait until the last day of december to get it done. adam. adam: proof words are cheap. it's the end of die
CNBC
Dec 26, 2012 2:00pm EST
kind, the fiscal cliff, just days away but there's yet another threat out there which might even have a bigger impact on the economy. we'll tell you what it is. that story ahead. >>> plus, herbalife decides the best defense is a good offense and why amazon and netflix are suddenly feuding like the hatfields and mccoys. >> hello, everybody. on the fourth last trading day of this year, it is worth looking at the tally year-to-date. the dow has gained about 7%. the s & p is up about 13%. the best still could be to come as since 1928, the s & p averaged its greatest gains in the last few days of the month. of course we now have to deal with the fiscal cliff. also, the nasdaq is the percentage winner with a gain of 15% this year. which, by the way, is exactly the same as australia's asx. >> two minutes into the show, already an australia reference. shameless. >> shameless. >>> all right. could be a humbug christmas for retailers this year. the market today saying that things look a little more naughty than nice for many of the names. i want to look at the wall behind me because these are a b
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